Canada’s Couche-Tard has increased its offer for Japan’s Seven & i Holdings, signalling continued interest in acquiring the convenience store giant, Bloomberg has reported.

The Canadian retailer has raised its bid to Y7trn ($47.2bn), or $18.19 per share - a significant increase from its initial offer of $14.86 per share, which was rejected by Seven & i.

Despite the revised offer, Seven & i has not engaged in substantive negotiations with Couche-Tard. The Japanese company has maintained that the initial price did not adequately reflect its value.

According to Bloomberg, to deter foreign takeovers Seven & i has also sought and obtained a designation as a core business essential to national security.

Japan’s finance minister has downplayed the impact of this designation on a potential acquisition.

Couche-Tard, which owns the Circle K brand, is reportedly seeking financial backing from Quebec’s public pension manager, Caisse de depot et placement du Quebec (CDPQ). CDPQ holds a 3.5% stake in Couche-Tard and is likely to support the company’s takeover bid.

As Seven & i prepares to report its quarterly results, investors will be watching closely to see how the company responds to Couche-Tard’s continued pursuit.

There have been rumours that Seven & i may be considering restructuring its business, including the sale of certain retail operations and a portion of its stake in Seven Bank Ltd.

Couche-Tard’s latest bid represents a significant premium to Seven & i’s pre-approach stock price, suggesting that the Canadian company is determined to acquire the Japanese retailer.

The outcome of this takeover battle will have major implications for the global convenience store industry and Japan’s efforts to promote corporate activity.