Alimentation Couche-Tard, the Canadian owner of Circle K, has withdrawn its proposal to acquire Japan’s Seven & i Holdings, operator of the global 7-Eleven chain, citing persistent delays and a lack of meaningful dialogue. The move ends months of tension between the companies, following an earlier offer that was rejected last year.

In a strongly worded letter dated July 16 and released Thursday, Couche-Tard expressed frustration over what it called “a calculated campaign of obfuscation and delay” by Seven & i. The company had made a revised offer of 2,600 yen ($17.50) per share—nearly a 48% premium—but said key meetings were missed, documents were incomplete, and discussions lacked substance.

Seven & i countered that negotiations had been held in good faith and reaffirmed its commitment to a standalone strategy focused on unlocking value across its businesses, including its North American operations. The Tokyo-based company, which operates over 85,000 7-Eleven stores globally, recently appointed Stephen Hayes Dacus—the chain’s first foreign CEO—to lead a strategic shift toward regional customization and supply chain efficiency.

Despite the failed bid, Seven & i reported strong first-quarter results, with profits doubling to 49 billion yen ($330 million), driven largely by asset sales. Sales remained resilient amid favorable currency conditions. However, some analysts argue that the company continues to underutilize its global potential and may need stronger leadership to realize long-term shareholder value.