Value HR (6078) said on Oct. 2 it will acquire all of health-checkup agency Shin-Akasaka Kenko Kanri Kyokai for ¥1,454 million, paying ¥1.3 billion in cash and the rest with 100,000 treasury shares priced at ¥1,541 each.
The board approved the deal on Oct. 2, and a share transfer agreement was signed the same day. The target, founded in 1971, has for more than 50 years handled sales, booking and administrative work for medical checkups for more than 850 health insurance societies and companies. All 3,000 of its shares are held by a single individual shareholder.
Value HR, whose health management platform has more than 3 million users, said the deal would help raise checkup rates and expand its support services for health insurance societies.
| Item | Amount |
|---|---|
| Cash (2,683 target shares) | ¥1.3 billion |
| Treasury shares (317 target shares) | ¥154 million |
| Total price (3,000 shares) | ¥1,454 million |
| Advisory fees etc. (est.) | ¥226 million |
| Total incl. fees (est.) | ¥1,680 million |
The treasury shares will be allotted to the seller, who will contribute part of the sale-price receivable in kind. The ¥1,541 disposal price equals the Oct. 1 close, the business day before the board resolution, a 0.84% discount to the one-month average of ¥1,554 and a 4.26% premium to the six-month average of ¥1,478. Dilution is 0.36% of shares outstanding and 0.37% of voting rights.
Aoyama Partners Consulting valued the target at ¥704 million to ¥1,586 million using adjusted net asset and DCF methods. The target posted net income of ¥9 million and net assets of ¥691 million for the year ended February 2026.
The share transfer and the treasury share disposal are both scheduled for Nov. 18, 2026. The impact on consolidated results for the year ending December 2026 is under review.
| 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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