Tard Inc. ended its pursuit of Japan’s Seven & i Holdings Co., with the Canadian retailer’s ambitions giving way to mounting pressures in its own business.Shares of Couche-Tard soared as much as 18.5% in early trading Thursday,

In the wake of the offer being withdrawn Wednesday, analysts expect a likely first move by Couche-Tard is a resumption of its share buyback program.

Tard’s $47 billion bid spurred changes at the chain’s Japanese owner. Now, the question is whether that momentum will carry forward.

Alimentation Couche-Tard Inc. announced late Wednesday that it has withdrawn its proposal to acquire Seven & i Holdings Co. Ltd., parent of the 7-Eleven convenience-store chain, “due to a lack of constructive engagement” by Seven & i.

After a year of negotiations, the deal between Alimentation Couche-Tard and the Japanese owner of the 7-Eleven convenience store chain is no more.

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Seven & i Holdings Co. Ltd. (7&i ) responded publicly early this morning to the letter Alimentation Couche-Tard Inc. (ACT) sent to Seven & i’s board of directors late Wednesday withdrawing its proposal to acquire the parent of the 7-Eleven convenience-store chain due to a lack of constructive engagement by Seven & i.

Alimentation Couche Tard Inc. closed 19.4% short of its 52-week high of C$85.53, which the company reached on July 31st.