Couche-Tard drops $47 bil. bid to buy Seven-Eleven parent company

Canadian retailer Alimentation Couche-Tard Inc. said Thursday it has withdrawn its $47 billion buyout proposal for Japanese rival Seven & i Holdings Co. due to "a lack of constructive engagement," ending nearly a year of talks.Seven & i, the Japanese operator of the Seven-Eleven convenience store chain, and Couche-Tard, operator of Circle K convenience stores, said in May they had signed a nondisclosure agreement to facilitate the exchange of information over the proposal.But "there has been no sincere or constructive engagement from 7&i that would facilitate the advancement of any proposal…READ FULL ARTICLE