Seven & i Holdings announced on Thursday a roadmap to hive off underperforming businesses and focus on its convenience store operations, as the retailer aims to fend off a $47 billion takeover bid from Canada's Alimentation Couche-Tard.

Canadian convenience store operator Alimentation Couche-Tard Inc. still has room to increase its $47 billion bid for Seven & i Holdings Co., but any further boost is likely to be small, analysts say.

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.