DIC Corporation (4631) said on Oct. 9, 2026 that KJ005 K.K.'s planned tender offer for its equity-method affiliate Taiyo Holdings (4626) is now targeted to start around late November 2026 instead of early October, as procedures under China's competition law and Japan's investment-regulation laws remain incomplete.
The bidder had said on March 31 that it aimed to launch the offer around early October 2026, subject to completing required procedures under domestic and overseas competition and investment-regulation laws.
According to a progress update released by the bidder on Oct. 9, competition-law procedures in Japan, Taiwan, Germany, Tunisia and Vietnam, as well as investment-regulation procedures in the United States, have been completed. Procedures under China's competition law and Japan's investment-regulation laws have not.
The bidder also said that, after further consultation with local law firms, it confirmed that no competition-law procedures are required in Spain and Israel, and that South Korea requires a post-transaction filing rather than a prior one. No prior filings were made in those countries.
KJ005 K.K., established Feb. 12, 2026, is a wholly owned subsidiary of KJ005HD K.K., which is wholly owned by KJ005 Investment L.P., a limited partnership formed under the laws of Ontario, Canada, on Jan. 30, 2026 and indirectly operated by Kohlberg Kravis Roberts & Co. L.P.
Under a basic agreement signed March 31, DIC will not tender its Taiyo shares. If the offer succeeds but the bidder fails to acquire all shares, Taiyo will carry out a share consolidation. Taiyo will then acquire all shares held by DIC and Kowa K.K. through a share buyback, taking the company private.
Next steps: The bidder aims to complete the remaining procedures within November 2026 and launch the offer around late November. It will announce promptly when the offer starts or if the expected timing changes. DIC said it will disclose any change to the outlook in its March 31 announcement.
| 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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