Itochu drops Seven & I buyout, putting Couche-Tard back in limelight

Efforts to keep Seven & I Holdings in the founding family faltered after Japanese trading house Itochu failed to secure $58 billion for the deal in a joint management buyout bid that would have allowed the retail giant to go private, the companies said Thursday.

The news would place Alimentation Couche-Tard’s offer back in the limelight. Shares of Seven & I Holdings dropped more than 12% on Thursday, closing at ¥2,118, down 10.95% from the day before.

“There is no actionable proposal from Mr. Junro Ito and Ito-Kogyo for 7&i to consider at this time,” Seven & I said in a statement.