Katitas Co. will launch a tender offer at ¥2,000 per share for all shares of Tobu Juhan (3297), excluding treasury stock, aiming to make the used-home seller a wholly owned subsidiary, and Tobu Juhan's board endorsed the bid and recommended that shareholders tender.
Tobu Juhan's board approved the endorsement on Oct. 13 on the premise that Katitas intends to take full ownership through the offer and subsequent procedures, and that Tobu Juhan's shares are expected to be delisted. Tobu Juhan is listed on the Tokyo Stock Exchange's Standard market and the Fukuoka Stock Exchange's Q-Board. Katitas, which is listed on the TSE Prime market, currently holds no Tobu Juhan shares.
Katitas set no maximum on the number of shares it will buy. The minimum is 1,776,600 shares, or a 65.56% stake; if tenders fall short, it will buy none. President and largest shareholder Ogino (38.66%), OTC, an asset management company wholly owned by Ogino and Ogino's children (5.11%), and Ogino's spouse (1.24%) have agreed to tender all of their combined 1,219,700 shares, or 45.01%.
| Item | Figure |
|---|---|
| Offer price | ¥2,000 per share |
| Maximum | None |
| Minimum | 1,776,600 shares |
| Committed shares | 1,219,700 (45.01%) |
Conditional on the offer succeeding, Tobu Juhan cut its year-end dividend forecast for the fiscal year ending May 2027 to zero from ¥43.00 per share, and will abolish its shareholder benefit program starting with the May 31, 2027 record date.
Separately, Tobu Juhan reported first-quarter sales of ¥2,014 million, up 23.8% from a year earlier, and net profit of ¥72 million, up 302.3%. It left its full-year forecast unchanged.
The tender offer runs from Oct. 14 to Dec. 3, 2026, a period of 35 business days.
| 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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