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.

The Circle K operator cited Seven & i’s “lack of constructive engagement” in its decision to withdraw the bid, while Seven & i said it was disappointed but not surprised.

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.