In the wake of the offer being withdrawn Wednesday, analysts expect a likely first move by Couche-Tard is a resumption of its share buyback program.

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.

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.