While Couche-Tard has dramatically exited talks over buying Seven & i Holdings, the Japanese giant could yet have to fend off further bids from retailers and investors.

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.

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.