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.

Tard’s $47 billion bid spurred changes at the chain’s Japanese owner. Now, the question is whether that momentum will carry forward.

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.

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Alimentation Couche-Tard Inc. announced late Wednesday that it has withdrawn its proposal to acquire Seven & i Holdings Co. Ltd., parent of the 7-Eleven convenience-store chain, “due to a lack of constructive engagement” by Seven & i.

Shares of Seven & i fell more than 9% Thursday as it resumed trading after a brief halt. Alimentation Couche-Tard on Wednesday announced pulling its $47 billion takeover offer for Seven & i Holdings.Shares of Seven & i fell more than 9% Thursday as trading resumed following a brief halt after Canada's Alimentation Couche-Tard withdrew its $47 billion bid to acquire the Japanese company.

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.