The Quebec-based convenience store chain said it’s “disappointed” in Seven & i Holdings’ refusal of its takeover bid, though it remains optimistic it can reach a deal to acquire more than 84,000 7-Eleven outlets in 19 countries. In response, Seven & i said in a statement that Alimentation Couche-Tard’s initial offer wasn’t enough to “engage in substantive discussions.” It’s open to talks if Couche-Tard proposes a bid that “fully recognizes Seven & i’s standalone intrinsic value” and addresses “very real regulatory concerns.” (The Logic)

Talking point: Last week, Seven & i rejected Couche-Tard’s “friendly” US$14.86-per-share acquisition offer, saying it was “opportunistically timed” and lacked detail. Couche-Tard, which opened its first dépanneur in 1980, would become the largest chain of convenience stores in the world should the deal go through. Yet a merger would face significant pitfalls even if 7-Eleven’s Japan-based owner acquiesces, including a potential antitrust case in the U.S.