Alimentation Couche-Tard failed to acquire Seven & i for $47bn.

Alimentation Couche-Tard, a company that operates a network of 24-hour convenience stores, failed to acquire Seven & i, an American-Japanese diversified retail holdings company, for $47bn. The Board of Directors of Seven & i has formed a Special Committee of the Board of Directors, comprised solely of independent outside directors, led by Stephen Hayes Dacus, as Chairperson of the Board of Directors, to review the proposal. Consistent with its obligation to act in the best interest of its shareholders and other stakeholders of the Company, the Special Committee intends to conduct a prompt, careful and comprehensive review of the proposal. On July 16, Alimentation Couche-Tard announced that it has decided to withdraw its acquisition proposal for Seven & i Holdings citing the absence of meaningful engagement from Seven & i.