It was poised to be Japan’s biggest foreign takeover—Alimentation Couche-Tard’s $46 billion bid for 7-Eleven owner Seven & i Holdings. After nearly a year of back-and-forth, the deal collapsed. Why did it fall through? What does it mean for the future of Seven & i—and for foreign investors eyeing Japan

Join Dan Koh and Ryan Huang as they break down the anatomy of this historic non-deal, what it means for Seven & i going forward, how investors are reacting, and what the fallout reveals about Japan’s evolving corporate governance landscape.