Alimentation Couche-Tard has formally withdrawn its proposal to acquire Japan’s Seven & i Holdings, the parent company of 7-Eleven, following what it described as months of unreciprocated efforts to pursue a friendly transaction. In a letter dated 16 July 2025, the global convenience and fuel retailer stated that, despite submitting a fully financed all-cash offer of JPY 2,600 (USD 17.52) per share—representing a 47.6% premium to Seven & i’s unaffected stock price—it encountered what it called a “persistent lack of good faith engagement” from the Japanese conglomerate.
7-Eleven is a dominant force in the fuel and convenience retail sector, especially in the United States, where it operates one of the largest networks of combined fuel stations and convenience stores. Its acquisition of Speedway in 2021 significantly expanded its footprint, making it one of the top fuel retailers in North America by number of sites. The brand’s integrated model—linking fuel sales with convenience retail—has proven highly effective in building customer loyalty and boosting cross-category sales. Owned by Seven & i Holdings, 7-Eleven continues to invest in digital platforms, private-label fuels, and EV charging infrastructure, reinforcing its leadership in neighbourhood-based convenience retailing.
As of mid-July 2025, Alimentation Couche-Tard holds a larger market capitalisation than its Japanese counterpart, Seven & i Holdings. Couche-Tard, the Canadian convenience store operator behind Circle K, is valued at approximately USD 50 billion, while Seven & i has a market capitalisation of around USD 38–39 billion. This places Couche-Tard roughly one-third ahead in terms of valuation, underscoring its stronger investor confidence and broader global footprint despite its unsuccessful attempt to acquire Seven & i.
According to Couche-Tard, multiple attempts to engage constructively with Seven & i’s board and controlling shareholder, the Ito family, were rejected. Although a non-disclosure agreement was signed and limited due diligence commenced in April, the firm said that only a small portion of the requested information was made available, with many critical questions left unanswered.
The company also pointed to a lack of progress in addressing regulatory concerns. Couche-Tard had submitted a detailed antitrust plan—including the divestment of certain U.S. assets—and offered a reverse termination fee exceeding USD 1.4 billion. Yet, it claimed Seven & i did not cooperate in facilitating discussions with prospective buyers.
In response to requests for alternative deal structures, Couche-Tard proposed several options, including taking full ownership of Seven & i’s non-Japanese operations and a partial stake in the Japanese business. These proposals, however, were either dismissed or countered with terms that offered diminished value to shareholders.
The letter, signed by founder and Executive Chairman Alain Bouchard and President and CEO Alex Miller, reaffirmed Couche-Tard’s long-term strategy while expressing disappointment in Seven & i’s refusal to engage meaningfully.
The withdrawal follows a strong financial year for Couche-Tard. For the fiscal year ending 27 April 2025, the company posted a 5.2% rise in revenue to USD 72.9 billion and a 7.6% increase in gross profit to USD 13 billion—despite inflationary pressures and regulatory challenges affecting some product lines. Adjusted EBITDA reached USD 5.96 billion, up 6.1%, supported by acquisitions, supply chain optimisation, and improved operational efficiency. Couche-Tard also returned value to shareholders, buying back 8.7 million shares and increasing its annual dividend by 14.3%.
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