The founding Ito family of Japan's Seven & i Holdings failed to secure financing for a $58 billion management buyout, sending its shares plunging and offering fresh impetus to a rival bid from Canada's Alimentation Couche-Tard.

The 7-Eleven owner said that as a result there is no actionable acquisition proposal from the founding family to consider at this time.

Shares in the Japanese owner of 7-Eleven plunged as much as 12 percent on Thursday after reports said a bid by the convenience store giant’s founding family to go private had failed. The management buyout by Seven & i Holdings had been seen as a move to avoid a takeover by Canadian rival Alimentation Couche-Tard,