While Couche-Tard has dramatically exited talks over buying Seven & i Holdings, the Japanese giant could yet have to fend off further bids from retailers and investors.

Alimentation Couche-Tard Inc. ended its pursuit of Japan’s Seven & i Holdings Co., with the Canadian retailer’s ambitions giving way to mounting pressures in its own business and a protracted share slump.

In the wake of the offer being withdrawn Wednesday, analysts expect a likely first move by Couche-Tard is a resumption of its share buyback program.