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.

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.

Shares of Alimentation Couche-Tard Inc. gained more than 10 per cent in early trading after walking away from its proposal to buy the Japanese parent company of 7-Eleven.