Seven & i Holdings slashed its profit outlook and announced plans to revamp its noncore businesses as it faced a revised takeover bid from Canada’s Alimentation Couche-Tard.

TOKYO (Reuters) -Canada's Alimentation Couche-Tard (ACT) has made a revised bid for Seven & i Holdings, the Japanese company said on Wednesday, which two people familiar with the matter said hiked the offer by 22% to about $47 billion.

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.