Seven & i Holdings (TYO:3382) refuted Alimentation Couche-Tard's (ACT) accusations of uncooperativeness, asserting that the Canadian firm failed to address antitrust hurdles and misunderstood Japanese business practices.

A special committee formed by Seven & i's board emphasized that ACT dismissed regulatory concerns, lacked a viable divestiture plan for FTC approval, and only engaged private equity buyers-unfavored by regulators, according to a statement on Tuesday evening.

Seven & i also defended its governance, noting proactive efforts to explore a deal while prioritizing compliance, adding that it held 10 virtual and two in-person meetings.

ACT's withdrawal, Seven & i argued, stemmed from its own operational challenges rather than Japanese resistance. The Committee concluded by reaffirming its commitment to delivering value independently.

The company now shifts focus to standalone growth, it added.

Shares of the company rose more than 2% in recent trading in Tokyo.