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.

Canada’s Alimentation Couche-Tard has raised its bid for Japan’s Seven & i Holdings to $47 billion, potentially marking the largest-ever overseas buyout of a Japanese firm.

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.