Laval-based convenience retail giant Alimentation Couche-Tard Inc. had signed a non-disclosure agreement (NDA) with Seven & i Holdings, the Japanese parent of 7-Eleven, regarding Couche-Tard’s $64 billion (US$47 billion) bid. The NDA included granting Couche-Tard access to key financial documents and a “standstill” agreement, often used in merger and acquisition deals to prevent a hostile offer while data is being shared. The move represented progress in takeover talks for Couche-Tard, which operates the Circle K convenience stores in Canada and the United States and had been trying to acquire Seven & i since August. Couche-Tard had been publicly requesting such access since the offer became public in 2024, citing the possibility that more data could support a higher bid. If completed, it would have marked the largest foreign acquisition of a Japanese company and one of the biggest outbound M&A transactions by a Canadian company in history. Legal observers had anticipated antitrust challenges, particularly in the U.S., where the divestiture of up to 2,000 stores may have been required.

However, on July 16, 2025, Couche-Tard officially withdrew its US$47 billion offer, ending the takeover attempt.