Japanese retailer Lawson has postponed plans to buy smaller rival am/pm Japan Co., insisting more talks were needed before completing the deal.

Lawson announced in February that it would buy am/pm Japan for around JPY15.4bn (US$154.2m) from Rex Holdings.

However, the retailer said today (3 April) that further discussions are needed on the details of the deal.

“Because it was determined that further discussion on the terms and conditions would be needed in order to ensure the smooth execution of the acquisition, the date of acquisition has been postponed,” Lawson said.

The company said it would announce when it expects to seal the transaction “as soon as it is decided”.