By Megumi Fujikawa

TOKYO--Seven & i Holdings' founding family said it decided to pull its proposal to privatize the Japanese owner of the 7-Eleven convenience-store chain as it found it difficult to secure enough financing in a short time.

"Given that Seven & i is in a situation where it is required to make swift management decisions and implement them to respond to the environment surrounding the company and the challenges it faces, the founding family has decided to withdraw the proposal to take the company private," Junro Ito, a top Seven & i executive and son of the founder of the Japanese retail giant, and Ito-Kogyo, the family's asset-management company, said in a statement.

Seven & i in November said it had received a buyout proposal from the founding family. However, the company said last week that there was no longer an actionable offer from the founding family to consider.

The family said in Tuesday's statement that it will continue to seek ways to contribute to the company's growth.

Separately, Seven & i said it is exploring all opportunities to unlock value for shareholders, including a proposal from Canada's Alimentation Couche-Tard. The two companies are still discussing whether there is a way to overcome a possible antitrust challenge in the U.S., Seven & i said Tuesday.

Seven & i shares pared losses after the company denied a report that it was rejecting Couche-Tard's bid, ending Tuesday's session down 6.9% after falling by as much as 12%.

The 7-Eleven owner in September rejected an initial $39 billion buyout bid from Couche-Tard, saying the proposal underestimated the company's value. Couche-Tard later raised its offer to about $47 billion.

Write to Megumi Fujikawa at megumi.fujikawa@wsj.com

(END) Dow Jones Newswires

March 04, 2025 05:09 ET (10:09 GMT)

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