Seven & i Holdings plans to reject the takeover offer from Alimentation Couche-Tard, which operates Circle K globally, and instead seek to enhance corporate value on its own, Reuters reported this week.

“The Canadian retailer has offered $18.19 a share for Seven & i, which represents a premium of almost one third from the current share price, based on Thursday's [February 27] yen exchange rate,” wrote the outlet.

However, in a statement, a Seven & i spokesperson said it "remains committed to exploring all opportunities to unlock value for shareholders and continues to assess a full range of strategic alternatives, including the proposal" from Couche-Tard. It said its special committee is "engaging constructively" with Couche-Tard.

Seven & i is said to be finalizing a plan for its chief executive officer to step down and most likely be replaced by its first foreign chief, Stephen Dacus, formerly the head of Japan Walmart. Reuters and Bloomberg were among the outlets to cover this development earlier this week.

Last week, the founding Ito family of Seven & i Holdings failed to secure the money to buy out the company. The announcement came months after the family launched a bid worth over $50 billion.

“There is no actionable proposal from Mr. Junro Ito and Ito-Kogyo for Seven & i to consider at this time,” the company said in a statement.