A tender offer by Amsterdam1 and Amsterdam2 for JPMC (3276), part of a management buyout, succeeded after drawing 9,057,536 shares, above its 5,049,300-share minimum, leaving each bidder with 27.05% of voting rights once settlement begins on Oct. 13, 2026.
The offer, launched Aug. 4, 2026, closed on Oct. 5, the Tokyo Stock Exchange Prime-listed company said on Oct. 6. The bidders will buy all tendered shares, each acquiring 4,528,768 shares, or 45,287 voting rights.
| Item | Figure |
|---|---|
| Shares tendered | 9,057,536 |
| Minimum purchase | 5,049,300 |
| Stake per bidder after settlement | 4,528,768 shares (27.05%) |
Both bidders, set up on July 13, 2026 with capital of ¥300.1 million each, will become JPMC's major and largest shareholders and other affiliated companies. They are wholly owned by Helsinki1 and Helsinki2, respectively.
Muto Enterprise 2, wholly owned by JPMC Representative Director Hideaki Muto, keeps its 4,401,400 shares, or 26.29% of voting rights, but drops from first to third among shareholders. Ratios are based on 167,413 voting rights tied to 16,741,309 shares as of June 30, 2026, excluding treasury stock.
Because the bidders did not obtain all shares, they plan a series of steps to leave only themselves and four shareholders that agreed not to tender, including Muto Enterprise 2 and Hikari Tsushin, as owners, taking JPMC private as outlined in its Aug. 3 MBO announcement, as amended Sept. 15. JPMC shares are expected to be delisted from the Tokyo Stock Exchange Prime Market after the required procedures.
Next steps: Settlement begins Oct. 13, 2026, when the shareholder changes are expected to take effect. JPMC said it will announce the specific procedures and timing of the privatization once decided in consultation with the bidders.
| 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 |
Summaries of public disclosures by Japanese listed companies. Not investment advice; accuracy not guaranteed. Figures and dates in the TDnet originals prevail.
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