Alimentation Couche-Tard Inc.’s decision to walk away in frustration from an attempted acquisition of Seven & i Holdings Co. set off a debate in Tokyo as to what lessons foreign companies with ambitions for M&A should draw.

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.

Alimentation Couche-Tard Inc. announced late Wednesday that it has withdrawn its proposal to acquire Seven & i Holdings Co. Ltd., parent of the 7-Eleven convenience-store chain, “due to a lack of constructive engagement” by Seven & i.

Couche-Tard's acquisition failure is seen as running counter to the broader trend in the investing landscape in Japan.

After a year of negotiations, the deal between Alimentation Couche-Tard and the Japanese owner of the 7-Eleven convenience store chain is no more.

Seven & i Holdings Co. Ltd. (7&i ) responded publicly early this morning to the letter Alimentation Couche-Tard Inc. (ACT) sent to Seven & i’s board of directors late Wednesday withdrawing its proposal to acquire the parent of the 7-Eleven convenience-store chain due to a lack of constructive engagement by Seven & i.