Shares of Japan's Seven & i tumbled as much as 12% on Tuesday,following a report the 7-Eleven owner plans to reject a $47 billion takeover offer from Canada's Alimentation Couche-Tard , a move that would keep the iconic retailer in Japanese hands.

Seven & i Holdings Co. plans to rebuff a proposed takeover by Alimentation Couche-Tard Inc., the Yomiuri newspaper reported, with the Japanese retailer seeking to boost its valuation on its own after a management buyout by the founding Ito family was scrapped.

Eleven's owner is set to replace its CEO as the Japanese convenience store giant battles a $47-billion takeover bid by Canada's Alimentation Couche-Tard (ACT), reports said Monday.Dacus, who has also worked for Uniqlo owner Fast Retailing and the Japanese arm of US retail giant Walmart,

Seven i Holdings Co., Ltd. (TYO:3382) is reportedly set to reject a $47 billion acquisition offer from Canadas Alimentation Couche Tard Inc. (TSX:ATD), according to Japans Yomiuri newspaper. The retail giant,

Seven & i Holdings Co. is seeking deals in Europe to bolster growth abroad as the retailer faces increased pressure to consider a proposed takeover by Canada’s Alimentation Couche-Tard Inc.

A special committee reviewing the offer decided in favor of keeping the Japanese convenience store chain independent because of antitrust concerns in the U.S.