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.

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.’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.