Seven & I Holdings shares tumbled as much as 10% on Tuesday after the Yomiuri Shimbun reported that the Japanese operator of 7-Eleven convenience stores plans to rebuff a proposed takeover by Canada's Alimentation Couche-Tard.
The Japanese retailer will instead seek to boost valuation on its own after a management buyout by the founding Ito family was scrapped, the newspaper said.
A special committee reviewing the offer decided in favor of keeping the Japanese convenience store chain independent because of antitrust concerns in the U.S., according to the report, which did specify the source of the information.
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