(Bloomberg) -- Alimentation Couche-Tard Inc. sent Seven & i Holdings Co. 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.

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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 4.7% on Wednesday following the news.

No substantive negotiations have taken place since the new offer, the people added. Seven & i confirmed later on Wednesday that it received a revised private proposal from Couche-Tard. The Japanese company said in a statement that it will maintain the confidentiality of its current discussions and act in the best interests of shareholders and other stakeholders.

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 discussions.

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. Still, Japan’s finance minister dismissed the idea that the designation granted to Seven & i will make it buyout difficult.

A representative for Couche-Tard didn’t immediately respond to a request for comment.

Earlier this week, a senior executive at Quebec’s public pension manager Caisse de Depot et Placement du Quebec said the fund will probably provide financial backing to Couche-Tard if it moves ahead with a takeover bid for Seven & i. CDPQ holds a 3.5% stake, making it one of the largest shareholders in Couche-Tard, which owns Circle K and other convenience store and gas station brands.