A special committee reviewing the offer decided in favor of keeping the Japanese convenience store chain independent because of antitrust concerns in the U.S.

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,

The Japanese parent company of 7-Eleven said Tuesday that a buyout bid from a Canadian convenience store rival was still on the table despite a report that it planned to reject the multibillion-dollar 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.