Canadian convenience-store giant Alimentation Couche-Tard has reiterated its preference for a friendly approach in its ongoing bid to acquire Japan’s Seven & i Holdings, parent company of the 7-Eleven chain, according to multiple media reports.

Alain Bouchard, Couche-Tard’s co-founder and chairmantold Japanese media that a hostile takeover was “not among factors being considered,” according to a report by Nikkei.

The Laval, Que.-based company has been courting Seven & i for months, raising its initial offer to US$47 billion in a bid to secure the largest-ever foreign acquisition of a Japanese firm. Couche-Tard competes directly with Seven & i in the North American market through its Circle K outlets. Despite its raised bid, Seven & i has yet to formally respond, and the founding Ito family appears to be moving in a different direction.

Japanese public broadcaster NHK reported that the Ito family is seeking to privatize the company by raising over 8 trillion yen (C$52 billion.) The family has already initiated talks with Japan’s top three lenders and several U.S. financial institutions to achieve this by the end of the financial year.

Seven & i did not respond to requests for comment from Reuters outside Tokyo business hours.

The takeover effort marks a departure from Couche-Tard’s traditionally conservative acquisition strategy. Known for its financial discipline, the company has previously walked away from deals when prices became too steep. However, this acquisition could be legacy-defining for Mr. Bouchard, who has been pursuing 7-Eleven for two decades.

In an interview with The Globe and Mail, Couche-Tard CEO Alex Miller, who took the helm in September, reaffirmed the company’s commitment to the deal.

“We’re not going away,” he told the Globe. “We see tremendous value here and we are just going to continue to highlight that and to push … we’ll get this deal.”

The acquisition’s price tag would require significant borrowing, pushing Couche-Tard’s debt levels to unprecedented highs. The company plans to fund the purchase predominantly through loans and bonds, rather than issuing stock, Chief Financial Officer Filipe Da Silva confirmed to the Globe.

“We have the capacity to stretch the leverage of the company,” he told the publication.

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