Japan's Itochu is withdrawing from a buyout for Seven & i Holdings proposed by the retailer's founding family, two sources with knowledge of the matter said, while Canada's Alimentation Couche-Tard reaffirmed its commitment to a takeover.

The news would place Alimentation Couche-Tard’s offer back in the limelight. Shares of Seven & I Holdings dropped more than 12% on Thursday, closing at ¥2,118, down 10.95% from the day before. “There is no actionable proposal from Mr. Junro Ito and Ito-Kogyo for 7&i to consider at this time,” Seven & I said in a statement.

TOKYO -- Japanese trading house Itochu will not participate in the buyout of Japan's Seven & i Holdings planned by the founding family of the retail conglomerate, a source familiar with the matter told Nikkei.

Japan's Itochu is withdrawing from a buyout for Seven & i Holdings proposed by the retailer's founding family, two sources with knowledge of the matter said. After receiving a takeover bid from Canada's Alimentation Couche-Tard last year,

The Japanese owner of 7-Eleven says it's in talks with Alimentation Couche-Tard Inc. after a management buyout proposal from a member of the family that helped found the company was unable to secure financing.