Alimentation Couche-Tard is calling for an update from 7-Eleven’s parent company on its proposal to acquire the iconic convenience-store chain, expressing frustration with “very limited” engagement in the months since the offer was submitted.

The Laval, Que.-based retailer urged Seven & i Holdings for “full engagement” as both companies explore the potential deal.

“We have reiterated several times over the past few months that we intend to be friendly and persistent in pursuing a transaction, which we believe is in the best interest of all stakeholders,” Couche-Tard said in a statement late Monday. “We have done that in the face of significant frustration and distraction.”

Couche-Tard’s statement came after Seven & i announced in a letter to shareholders Sunday in Canadian time that the two companies have begun talks on the takeover bid.

In response to a request for comment from the Canadian Press on Couche-Tard’s statement, Seven & i pointed to the letter, which states that a special committee assessing the deal “continues to engage constructively” with Couche-Tard and has “not recommended to reject any third-party proposal.” However, the Tokyo-based firm acknowledged to CP that constructive engagement had taken time.

Couche-Tard executives are currently in Japan to push discussions forward. Seven & i had previously rebuffed the Canadian company’s advances but has shown more openness to a deal after its founding Ito family withdrew from making a competing bid due to financing challenges. Couche-Tard pledged to work with the Ito family.

Regulatory concerns remain a major sticking point. Seven & i has warned that any sale to Couche-Tard would face “significant” antitrust scrutiny, as both firms operate at least 2,000 overlapping stores that would likely need to be divested to a suitable buyer. Couche-Tard, however, maintains that the U.S. convenience store market is “highly fragmented” and that it has a “clear path” to obtaining approvals.

Couche-Tard said it submitted a revised yen-based bid in January at Seven & i’s request, but the Canadian retailer argues that Seven & i has remained focused solely on U.S. regulatory challenges. The companies have since begun identifying potential buyers for divested stores, one of three options proposed to facilitate a deal. Other options include Couche-Tard selling all its U.S. Circle K locations or Seven & i only agreeing to a merger if Couche-Tard secures a divestiture deal in advance.

Despite these efforts, analysts remain skeptical, CP reported.

Meanwhile, Seven & i is pursuing an initial public offering of its North American 7-Eleven business by 2026 and has announced the sale of some non-convenience store assets to Bain Capital for US$5.4 billion.

The company also appointed Stephen Dacus, the former head of Walmart in Japan, as its new president and CEO, marking the first time a non-Japanese executive has led the firm. Dacus formerly chaired the company’s board and headed the special committee examining the Couche-Tard bid.

Investor sentiment remains mixed, with U.S.-based Artisan Partners urging Seven & i to give serious consideration to Couche-Tard’s offer, according to CP.

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Japan’s Seven & i Holdings announced Monday that discussions have begun with Alimentation Couche-Tard regarding a potential store-sale plan, setting the stage for negotiations on the Laval, Que.-based retail giant’s proposed US$47-billion takeover bid for the 7-Eleven chain.

The talks follow the appointment of Stephen Dacus as Seven & i’s new president and CEO last week. Dacus is tasked with leading the 7-Eleven parent’s recovery and addressing the takeover offer from Couche-Tard, which operates thousands of convenience stores worldwide, including the Circle K brand.

Seven & i has previously expressed concerns that U.S. antitrust regulations could pose a significant hurdle to any agreement while attempting to erect roadblocks to a possible deal. The two companies dominate the U.S. convenience-store market, with a combined footprint of approximately 20,000 locations.

“We and our advisors believe we can now make progress towards determining whether a credible and actionable remedy and divestiture package can be achieved that would allow a realistic assessment of [Couche-Tard’s] proposal under the areas we noted above – value and certainty of closing,” Seven & i said in a letter to shareholders Monday.”

Both companies are now working to determine whether a feasible divestiture strategy can address regulatory concerns and pave the way for a successful acquisition.

Couche-Tard executives are meeting with media outlets in Tokyo this week to discuss their bid, according to Reuters.

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