Couche-Tard pulls $46 billion bid for Japan's Seven & i

(Reuters) -Canadian retailer Alimentation Couche-Tard withdrew its $46-billion takeover offer for Japan's Seven & i Holdings, blaming a lack of constructive engagement by the Japanese retailer.

The deal for the operator of 7-Eleven "konbini" stores would have been the biggest foreign buyout of a Japanese company.

Here is a timeline of the bid:

AUGUST 19, 2024

Couche-Tard, owner of Circle-K stores, says it has sounded out Seven & i about a potential takeover. The companies disclose no offer value. Shares in Seven & i surge almost 23% to 2161 yen valuing the retailer at about 5.6 trillion yen ($38 billion).

SEPTEMBER 6, 2024

Seven & i rejects Couche-Tard's offer of $14.86 a share, valuing the company at $38.5 billion.

SEPTEMBER 13, 2024

Japan's finance ministry classifies Seven & i as "core" to national security, prompting speculation that this could help defend it from a takeover.

OCTOBER 9, 2024

Couche-Tard raises bid for Seven & i by 22%, valuing the company at about $47 billion, sources say.

OCTOBER 10, 2024

Seven & i unveils a plan to hive off underperforming businesses into a holding company and focus on its convenience stores, while assessing Couche-Tard's revised bid.

OCTOBER 16, 2024

U.S. fund Artisan Partners urges Seven & i board to let Couche-Tard undertake due diligence and negotiate a takeover price, calling the Japanese retailer's restructuring plan "too little, too late".

NOVEMBER 13, 2024

Seven & i says it has received a potential $58-billion white knight buyout bid from a member of its founding Ito family.

NOVEMBER 14, 2024

Artisan Partners urges it to consider a competitive bidding process to secure the highest offer.

DECEMBER 25, 2024

Seven & i receives first-round bids of more than $5 billion from private equity firms KKR, Bain Capital and Japan Industrial Partners for its non-core assets, sources say.

FEBRUARY 26, 2025

Japan's Itochu withdraws from the buyout for Seven & i proposed by the retailer's founding family, two sources say, while Couche-Tard reaffirms its commitment to a takeover.

FEBRUARY 27, 2025

The Ito family fails to secure financing for its $58 billion buyout bid.

MARCH 6, 2025

Seven & i appoints its first foreign CEO, Stephen Dacus, tasking him with overhauling its business to engineer a recovery and respond to Couche-Tard's takeover proposal.

MARCH 10, 2025

Seven & i says it is in talks with Couche-Tard over a store sale plan to help overcome U.S. antitrust concerns about a merger of the top two players in its convenience store market. Couche-Tard says it revised its proposed bid in January to yen-equivalent of 2600 yen per share.

MARCH 11, 2025

Couche-Tard expresses frustration with Seven & i's "limited engagement", and says it sees a "clear path" to overcome U.S. regulatory hurdles.

MARCH 13, 2025

Chairman Alain Bouchard says Couche-Tard could bolster its offer if Seven & i became more cooperative and revealed more financial information.

MAY 1, 2025

Couche-Tard and Seven & i sign a non-disclosure agreement (NDA) giving the Canadian company access to the Japanese retailer's financial data.

JULY 17, 2025

Couche-Tard withdraws its $46-billion bid, citing a lack of constructive engagement by Seven & i management and the Ito family. Seven & i says it remains "fully committed to our standalone value creation plan". Its shares slide 9% to close 23% below the offer price.

($1=148.5700 yen)

(Compiled by Sonali Paul; Editing by Clarence Fernandez and Kate Mayberry)

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