TOKYO—The Japanese company that operates 7-Eleven convenience stores worldwide has rejected a $39 billion takeover offer by the Canadian owner of Circle K stores, saying the bid is too low.

Canadian retail chain Alimentation Couche-Tard is dropping its proposal to acquire Seven & i Holdings Co_, the Japanese ...

The operator of 7-Eleven has rejected an opening offer from the owner of convenience store rival Circle K, indicating the bid was too low.