Alimentation Couche-Tard Inc.’s decision to walk away in frustration from an attempted acquisition of Seven & i Holdings Co. set off a debate in Tokyo as to what lessons foreign companies with ambitions for M&A should draw.

In the wake of the offer being withdrawn Wednesday, analysts expect a likely first move by Couche-Tard is a resumption of its share buyback program.

Canada’s Alimentation Couche-Tard has withdrawn its record-breaking $50bn proposal to acquire Japan’s Seven & i Holdings, bringing an end to its year-long campaign to pull the 7-Eleven owner to the negotiating table on friendly terms.

Alimentation Couche-Tard Inc. announced late Wednesday that it has withdrawn its proposal to acquire Seven & i Holdings Co. Ltd., parent of the 7-Eleven convenience-store chain, “due to a lack of constructive engagement” by Seven & i.

Canadian retail chain Alimentation Couche-Tard is dropping its proposal to acquire Seven & i Holdings Co_, the Japanese operator of the 7-Eleven convenience store chain, citing frustration in ongoing negotiations that showed what it called “a lack of

Seven & i Holdings Co. Ltd. (7&i ) responded publicly early this morning to the letter Alimentation Couche-Tard Inc. (ACT) sent to Seven & i’s board of directors late Wednesday withdrawing its proposal to acquire the parent of the 7-Eleven convenience-store chain due to a lack of constructive engagement by Seven & i.

After a year of negotiations, the deal between Alimentation Couche-Tard and the Japanese owner of the 7-Eleven convenience store chain is no more.