Eleven's owner is set to replace its CEO as the Japanese convenience store giant battles a $47-billion takeover bid by Canada's Alimentation Couche-Tard (ACT), reports said Monday. Last week Seven & i said its founding family failed to put together a buyout to fend off ACT's offer,

Shares of Seven & i 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, although the Japanese company said it was still considering the offer.

Seven & i Holdings Co. shares were stuck in choppy trading after the company denied a media report that it was rebuffing a $47 billion takeover offer from Canada’s Alimentation Couche-Tard Inc..

Shares of the owner of 7-Eleven plunged on Tuesday after a report said the Japanese retailer plans to reject a multibillion-dollar takeover offer by Canada's Alimentation Couche-Tard (ACT). The latest news followed separate reports that the 7-Eleven owner is set to replace its CEO Ryuichi Isaka with outside director Stephen Hayes Dacus.

Shares of Japan's Seven & i 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 , a move that would keep the iconic retailer in Japanese hands.