Daido Limited (3205) said on Oct. 1, 2026 its board approved absorbing wholly owned subsidiary Daido Forward, which runs its NEWYORKER brand and posted net sales of ¥12.44 billion in the year ended March 2026, effective Dec. 1, 2026.
The merger and an accompanying amendment to the articles of incorporation require approval at an extraordinary shareholders' meeting scheduled for Nov. 19, 2026. Daido Limited will be the surviving company and Daido Forward will be dissolved. No shares or other assets will be allotted as the unit is wholly owned, and Daido Forward will cease to be a specified subsidiary.
The company said reviving the NEWYORKER-led apparel business is a key management issue under its second medium-term plan, "Shinka to Hiyaku," which runs through the year ending March 2029. The merger aims to speed up decision-making, concentrate management resources and streamline administrative work. Afterward, the company will act as an operating holding company, pursuing apparel restructuring and growth investment including M&A, with a target of ¥4.0 billion in consolidated operating profit for the year ending March 2029.
| Daido Forward (FY to March 2026) | Amount |
|---|---|
| Net sales | ¥12,443 million |
| Operating loss | ¥625 million |
| Net loss | ¥117 million |
| Net assets | ¥5,158 million |
The company expects to book an extraordinary loss on extinguishment of tie-in shares in its non-consolidated accounts; the amount is under review and will be disclosed once finalized. It said the impact on consolidated results will be minor. The articles amendment adds business purposes including apparel materials, textiles, knit products, food, energy supply and nursery operation.
The shareholders' meeting is set for Nov. 19, 2026, with the merger and the articles amendment both scheduled to take effect Dec. 1, 2026.
| Hikari Tsushin, Inc. | |
| Offer price | ¥1,000 per common share |
| M&A / TOB | 1 |
| Guidance | 0 |
| Buybacks | 0 |
| Dividends | 0 |
| Capital | 0 |
| Earnings | 0 |
| People | 0 |
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