Alimentation Couche-Tard sent Seven & I Holdings a new potential acquisition price of ?7 trillion ($47.2 billion), people with knowledge of the matter said, showing that the Canadian company is still seeking to enter takeover talks after its initial bid was rejected.

The indicated offer of $18.19 per share was sent to Seven & I on Sept. 19, the people said, asking not to be identified because the information isn¡¯t public.

The figure represents a premium of around 20% from the prior offer and the company¡¯s stock price from yesterday.

Shares in Seven & I rose as much as 12% following the news.

No substantive negotiations have taken place since the new offer, the people added.

The fresh attempt to enter talks shows that Couche-Tard isn¡¯t giving up on its takeover effort, which is being closely watched as a sign of whether Japan¡¯s attempts to boost corporate activity will be taken seriously by its biggest companies.

The owner of 7-Eleven stores rejected the first price of $14.86 per share sent by the Canadian retailer in August, saying it didn¡¯t fully reflect Seven & I¡¯s worth and wasn¡¯t high enough to engage in talks.

Since then, Seven & I sought, and received, a designation of being a core business essential to national security, a step that was seen as an attempt to make it harder for a foreign entity to take over the Japanese retailer.

Representatives for Couche-Tard and Seven & I didn¡¯t immediately respond to requests for comment.

Seven & I is scheduled to report quarterly results on Thursday, and is likely to face questions over its resistance to Couche-Tard¡¯s approach.

News has been trickling out over the past week suggesting that the owner of 7-Eleven is ready to restructure its business, such as the sale of retail operations including its original Ito-Yokado franchise and supermarkets, as well as part of its stake in Seven Bank.

Couche-Tard¡¯s second proposed takeover price represents a premium of 53% from the Japanese company¡¯s mid-August stock price, just before its approach became public.