The Quebec-based convenience store’s shares rose as much as 18.5 per cent Thursday after it published an open letter cancelling its offer. Seven & i, the Japan-based parent company of 7-Eleven, saw its share price fall over nine per cent to less than 2,008 yen, well below Alimentation Couche-Tard’s 2,600-yen offer.  (The Logic)

Talking point: The withdrawal scuppers what would have been the biggest foreign takeover of a Japanese company, and dims a dream of Quebec’s richest man, Alain Bouchard, of ruling the world’s largest convenience store chain. Circle K-owner Couche-Tard said Seven & i’s founding family and board had stalled talks. Seven & i countered that Couche-Tard’s failure to address “extraordinary antitrust hurdles” in its offer had stymied discussions. Despite the stock drop, Morningstar equity analyst Lorraine Tan wrote in a note that Seven & i’s management can move on from the failed deal to focus on improving shareholder returns.