The proposal worth over $50 billion by Junro Ito, the son of the founder of Seven & i Holdings, was aimed at fending off a takeover bid from Canada’s Alimentation Couche-Tard.

Japan's Seven & I Holdings said on Thursday the retailer's founding Ito family could not secure the financing required for a $58 billion management buyout, and it would consider a rival offer from Canada's Alimentation Couche-Tard.

The proposed management takeover of Seven & i (OTCPK:SVNDY) has collapsed, after the buyout group led by its founding Ito family failed to secure the financing needed for the nearly $60B deal. "Junro Ito,

Shares in the Japanese owner of 7-Eleven plunged as much as 12 per cent on Thursday after the convenience store giant said its founding family failed to put together a white-knight buyout. Last year Seven & i rejected an offer worth nearly $40 billion from Canadian rival Alimentation Couche-Tard (ACT) which would have been the biggest foreign buyout of a Japanese firm.