The Circle K operator cited Seven & i’s “lack of constructive engagement” in its decision to withdraw the bid, while Seven & i said it was disappointed but not surprised.

Seven & i Holdings Co. is drawing some skepticism about its plan to take its North American convenience stores business public after Circle K-operator Alimentation Couche-Tard Inc. abandoned its ¥6.77 trillion ($46 billion) takeover bid of the Japanese retailer.

Canadian retailer Alimentation Couche-Tard withdrew its $47-billion takeover offer for Japan's Seven & i Holdings , blaming a lack of constructive engagement by the Japanese retailer.