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

Trading successful Japan's Seven & one was halted Thursday aft Canada's Alimentation Couche-Tard withdrew its $47 cardinal bid to get the retailer.

Convenience store relation Couche-Tard announced Wednesday that it was pulling its takeover bid for Japan's Seven & one Holdings, saying determination was a "persistent deficiency of bully religion engagement."

"There has been nary sincere oregon constructive engagement from 7&i that would facilitate the advancement of immoderate proposal, contrary to comments made publically by 7&i representatives," the Canadian retailer said successful a statement.

Seven & one successful 2024 rejected a buyout bid from Canadian convenience store relation Alimentation Couche-Tard. Couche-Tard had initially made an connection of $14.86 per share to get Seven & one successful August past year. The connection was rejected, with Seven & one saying it "grossly undervalues" the company.

The institution then reportedly raised its connection successful October by implicit 22% to $18.19 per share, valuing Seven & one astatine 7 trillion Japanese yen, oregon astir $47 billion.

"As we person expressed galore times, we bash judge that afloat combining our 2 companies is the astir straightforward and effectual mode to maximize worth to each stakeholders," Couche-Tard said. "However, we are not capable to efficaciously prosecute this operation without deeper and genuine further engagement from 7&i enactment and the peculiar committee."

Seven & one Holdings replaced Ryuichi Isaka arsenic CEO with extracurricular manager Stephen Dacus taking the helm successful May.

This is breaking news. Please cheque backmost for updates.

— CNBC's Lim Hui Jie contributed to this report.