Alimentation Couche-Tard Inc. announced late Wednesday that it has withdrawn its proposal to acquire Seven & i Holdings Co. Ltd., parent of the 7-Eleven convenience-store chain, “due to a lack of constructive engagement” by Seven & i.
- 7-Eleven is No. 1 and Alimentation Couche-Tard is No. 2 on CSP’s 2025 Top 202 ranking of U.S. c-store chains by store count.
In a letter to the Seven & i board of directors in Tokyo, Alain Bouchard, founder and executive chairman of the board, and Alex Miller, president CEO of Alimentation Couche-Tard, said, “We continue to believe that a combination of Seven & i Holdings and Alimentation Couche-Tard would create a global leader in convenience with the ability to better serve our stakeholders, grow the 7-Eleven brand and generate value for our respective shareholders.”
But since entering into a non-disclosure agreement (NDA) on April 18, 2025, “there has been no sincere or constructive engagement from 7&i that would facilitate the advancement of any proposal, contrary to comments made publicly by 7&i representatives, including in the July 11, 2025, earnings call in which 7&i noted it is 'seriously' considering our proposal. As discussed below in detail, the quantity and substance of the permitted due diligence, including at two tightly constrained management meetings, have been negligible. Rather, you have engaged in a calculated campaign of obfuscation and delay, to the great detriment of 7&i and its shareholders. We believe this approach reinforces our concerns about your approach to governance. Based on this persistent lack of good faith engagement, we are withdrawing our proposal.”
Laval, Quebec-based Alimentation Couche-Tard is a global leader in convenience and fuel retail, operating in 29 countries and territories, with more than 16,700 stores. With its Circle K banner, it is one of the largest independent convenience-store operators in the United States.
Seven & i has not responded publicly to Couche-Tard's letter. More details to come.
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