(Bloomberg) -- Canadian convenience store and fuel retailer Alimentation Couche-Tard Inc. remains committed to snapping up its Japanese rival Seven & i Holdings Co. despite a new management buyout proposal valued at about $58 billion.

“We will be persistent and continue our friendly approach to creating what we see as the most compelling outcome for all shareholders, employees and key constituencies of both companies,” said Couche-Tard’s Chief Executive Officer Alex Miller in a conference call with analysts Tuesday.

In October, the Circle K owner increased its offer to about $47 billion to acquire all of Seven & i, the parent company of the 7-Eleven stores. The founding Ito family is now seeking to fend off the approach with a non-binding management buyout proposal of around ¥9 trillion ($58.7 billion). Seven & i has yet to respond to the offers.

“We also remain confident in our ability to finance and complete this combination,” Miller said. “We continue to see a strong opportunity to grow together and enhance our offerings and service to millions of customers across the globe.”

Couche-Tard’s day-to-day operations have faced headwinds during the past year as challenging economic conditions have caused low-income customers to spend less in stores and on fuel. The company reported adjusted earnings per share of 74 cents in its second quarter ended Oct. 13, slightly below estimates.

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