06:22 AM EDT, 09/09/2024 (MT Newswires) -- Canada's Alimentation Couche-Tard Inc. ( ANCTF ) is not abandoning its quest to acquire 7-Eleven's Japanese parent company as it seeks to become the world's largest convenience store operator, The Globe and Mail newspaper is reporting.

Despite Seven & i Holdings Co. rejecting Couche-Tard's initial offer on Friday, the Laval, Que.-based Circle K parent released a statement on Sunday evening urging the Japanese company to continue discussions.

"Given the mutual benefits of a combination, we are disappointed in 7&i's refusal to engage in friendly discussions," Couche-Tard said. "We remain highly focused on consummating a transaction with 7&i that is in the best interests of all constituencies."

The Canadian company offered to continue discussions indirectly through each side's external advisers and also offered to enter into a nondisclosure agreement, but both of those offers were rejected, Couche-Tard said.

In a response on Monday, Seven & i said that Couche-Tard's low takeover bid was the reason it would not agree to adviser talks or to sign a non-disclosure agreement.

While Couche-Tard did not reference the roughly US$39-billion offer price, which Seven & i said last week "grossly undervalues" the company, the company's statement said it had "sufficient capacity to finance the transaction in cash."

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