Trading in Japan's Seven & i halted after Couche-Tard withdraws $47 billion bid to acquire the retailer

Core Viewpoint - Alimentation Couche-Tard has withdrawn its $47 billion bid to acquire Seven & i Holdings due to a lack of constructive engagement from the Japanese company [1][2]. Group 1: Acquisition Attempt - Couche-Tard initially offered $14.86 per share for Seven & i in August 2023, which was rejected as it was deemed to "grossly undervalue" the company [2]. - The offer was subsequently raised by over 22% to $18.19 per share in October 2023, valuing Seven & i at approximately 7 trillion Japanese yen, or about $47 billion [3]. - Couche-Tard expressed that a full combination of the two companies would maximize value for all stakeholders but required deeper engagement from Seven & i's leadership [3]. Group 2: Company Response - Seven & i expressed disappointment with Couche-Tard's decision to withdraw the bid and disagreed with many of Couche-Tard's statements, labeling them as inaccurate [2]. - In May 2024, Seven & i replaced its CEO Ryuichi Isaka with outside director Stephen Dacus, indicating a potential shift in leadership strategy [3].