TOKYO, March 4 (Reuters) - Shares of Seven & i ( SVNDF )

tumbled as much as 12% on Tuesday, following a report the

7-Eleven owner plans to reject a $47 billion takeover offer from

Canada's Alimentation Couche-Tard ( ANCTF ), although the

Japanese company said it was still considering the offer.

The shares were down 8% at 2,023 yen in afternoon trade in

Tokyo having earlier declined as much as 12%, touching their

lowest in a little more than six months.

The Yomiuri newspaper reported on Tuesday that Seven & i ( SVNDF )

planned to reject the takeover offer from Circle-K owner

Couche-Tard and instead seek to enhance corporate value on its

own.

However, in a statement, a Seven & i ( SVNDF ) spokesperson said it

"remains committed to exploring all opportunities to unlock

value for shareholders and continues to assess a full range of

strategic alternatives, including the proposal" from

Couche-Tard.

It said its special committee is "engaging constructively"

with Couche-Tard.

Seven & i ( SVNDF ) is finalising a plan for CEO Ryuichi Isaka to step

down with his replacement almost certain to be director Stephen

Dacus, Reuters has reported.

Dacus heads a special committee to evaluate the takeover bid

from Couche-Tard and a take-private deal from Seven & i's ( SVNDF )

founding family that recently collapsed.