Seven & i Holdings Co. plans to rebuff a proposed takeover by Alimentation Couche-Tard Inc., the Yomiuri newspaper reported, with the Japanese retailer seeking to boost its valuation on its own after a management buyout by the founding Ito family was scrapped.

Shares of Seven & i tumbled as much as 12% on Tuesday, following a report the 7-Eleven owner plans to reject a $47 billion takeover offer from Canada's Alimentation Couche-Tard, although the Japanese company said it was still considering the offer.

Seven i Holdings Co., Ltd. (TYO:3382) is reportedly set to reject a $47 billion acquisition offer from Canadas Alimentation Couche Tard Inc. (TSX:ATD), according to Japans Yomiuri newspaper. The retail giant,

Eleven's owner is set to replace its CEO as the Japanese convenience store giant battles a $47-billion takeover bid by Canada's Alimentation Couche-Tard (ACT), reports said Monday. Last week Seven & i said its founding family failed to put together a buyout to fend off ACT's offer,

A special committee reviewing the offer decided in favor of keeping the Japanese convenience store chain independent because of antitrust concerns in the U.S.

Shares of Japan's Seven & i tumbled as much as 12% on Tuesday,following a report the 7-Eleven owner plans to reject a $47 billion takeover offer from Canada's Alimentation Couche-Tard , a move that would keep the iconic retailer in Japanese hands.