Couche-Tard, the operator of Circle K stores, after it said the 7-Eleven owner, Seven & i Holdings, refused to engage constructively on the deal.

Alimentation Couche-Tard Inc. ended its pursuit of Japan’s Seven & i Holdings Co., with the Canadian retailer’s ambitions giving way to mounting pressures in its own business and a protracted share slump.

Couche-Tard raises bid for Seven & i by 22%, valuing the company at about $47 billion, sources say. Seven & i unveils plan to hive off underperforming businesses into holding company and focus on its convenience stores, while assessing Couche-Tard's revised bid.

Shares in Couche-Tard jumped 8 per cent higher Thursday after the company announced it was dropping its quest to acquire the Japanese company

Alimentation Couche-Tard Inc. announced late Wednesday that it has withdrawn its proposal to acquire Seven & i Holdings Co. Ltd., parent of the 7-Eleven convenience-store chain, “due to a lack of constructive engagement” by Seven & i.

Alimentation Couche-Tard withdraws its $47 billion takeover offer for Seven & I in a surprise move. CNBC's Martin Soong and Chery Kang talk about what prompted the decision and 7-Eleven's business in Japan.

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.