Shares of Seven & I Holdings Co. Ltd. ( SVNDF ) , the owner of the 7-Eleven convenience store chain, saw a significant decline in value after an initial surge sparked by a takeover proposal from Alimentation Couche-Tard Inc. ( ANCTF ) .

What Happened: Seven & I Holdings’ shares fell over 6% in Tuesday’s morning trade in Tokyo, erasing some of the gains made the previous day. The drop followed the announcement of a potential takeover bid by Canadian convenience store giant Alimentation Couche-Tard ( ANCTF ).

Despite the recent drop, Seven & i’s shares had surged by almost 23% in Tokyo on Monday.

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Why It Matters: The offer’s financial details have not been disclosed, but if successful, it would mark the largest-ever foreign buyout of a Japanese company. Couche-Tard, the owner of Circle-K convenience stores, is the 13th most valuable Canadian public company.

Seven & I ( SVNDF ) confirmed that Couche-Tard has proposed to acquire all its outstanding shares. The Canadian company also confirmed that it had sent a “friendly proposal” to Seven & I ( SVNDF ) and is focused on reaching a mutually agreeable transaction.

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This story was generated using Benzinga Neuro and edited by Kaustubh Bagalkote