The Canadian firm said the Japanese retail giant refused to engage in constructive talks on the deal.
Alimentation Couche-Tard announced the pullout in a letter to Seven & i’s board of directors dated Wednesday in Canada.
The Canadian company said it was able to hold just two tightly restricted meetings with Seven & i. Alimentation Couche-Tard also said the Japanese firm failed to provide requested due diligence information.
Seven & i Holdings said in a statement that Alimentation Couche-Tard’s decision was unilateral.
The Japanese company called the withdrawal regrettable and described parts of the Canadian firm’s announcement as erroneous.
Seven & i says it will continue to work on measures to create value on its own.
The Canadian firm had proposed to pay 7 trillion yen, or about 47 billion dollars, for the operator of 7-Eleven convenience stores.
In May, the two firms signed a non-disclosure agreement to share financial and other information.
