The Canadian firm released a letter sent to the board of Seven & i which accused it of having “engaged in a calculated campaign of obfuscation and delay” since an initial takeover bid last year.

“Based on this persistent lack of good faith engagement, we are withdrawing our proposal,” the letter said.

Seven & i – whose 7-Eleven convenience store brand is the world’s biggest – rebuffed an initial ACT takeover offer worth nearly US$40 billion last year.

To fend off the ACT buyout, which was later sweetened to US$47 billion, Seven & i has taken measures including a huge share buyback, an IPO of its US unit and appointing its first foreign CEO.

The two companies signed a non-disclosure agreement in April in a bid to advance talks.

ACT’s letter said that “since entering into the NDA, there has been no sincere or constructive engagement from 7&i that would facilitate the advancement of any proposal.”

It said that ran “contrary to comments made publicly by 7&i representatives, including in the July 11, 2025 earnings call.”

Seven & i operates some 85,000 convenience stores worldwide.

Around a quarter of those outlets are in Japan, where they sell everything from concert tickets to pet food and fresh rice balls, although sales have been flagging.

ACT, which began with one store in Quebec in 1980, runs nearly 17,000 convenience store outlets worldwide, including Circle K.