Seven & i Holdings ( SVNDF ) shares tumbled 9% on Thursday on the Tokyo exchange to a low of 2,000 Japanese Yen ($13.50) after Canada’s Alimentation Couche-Tard ( ANCTF ) withdrew its $47 billion takeover bid, citing “persistent lack of good faith engagement.” Trading resumed at 10:16 a.m. local time following a halt.

Couche-Tard pulled its enhanced $18.19 per share offer, valuing the 7-Eleven operator at 7 trillion yen. The Canadian retailer had raised its bid 22% from August’s initial $14.86 proposal, which Seven & i ( SVNDF ) rejected as undervalued.

Seven & i ( SVNDF ) disputed Couche-Tard’s withdrawal rationale, calling the termination “unilateral.” The Japanese convenience store giant replaced CEO Ryuichi Isaka with Stephen Dacus in May.

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