Japanese used-home renovator Katitas (8919) said on Oct. 13 it will launch a ¥2,000-per-share tender offer for Tobu Juhan (3297), worth about ¥5.42 billion, to make it a wholly owned subsidiary.
The offer runs from Oct. 14 to Dec. 3, 2026, a period of 35 business days. The price is a 72.56% premium to Tobu Juhan's closing price on Oct. 9, the last business day before the announcement. Tobu Juhan's board has expressed support for the offer and recommended that shareholders tender.
| Item | Detail |
|---|---|
| Minimum tender | 1,776,600 shares (65.56%) |
| Maximum tender | None |
| Shares committed to tender | 1,219,700 shares (45.01%) |
| Price-to-book ratio | About 1.15 times (May 2026 BPS) |
Katitas will buy no shares if tenders fall short of the minimum. It currently owns no Tobu Juhan shares. Tobu Juhan President Toshihiro Ogino, the largest shareholder with 38.66%, Ogino's asset management company OTC (5.11%) and Ogino's spouse, Shitomi Ogino (1.24%), have agreed to tender all their shares. Katitas plans to fund the deal with cash on hand and a loan from Mizuho Bank.
Founded in September 1984 and based in Shimonoseki, Yamaguchi Prefecture, Tobu Juhan buys and resells used detached homes and provides real estate brokerage, mainly in the Chugoku and Kyushu regions. It is listed on the TSE Standard Market and the Fukuoka Stock Exchange's Q-Board. For the fiscal year ended May 2026, it posted non-consolidated sales of ¥7,745 million and net income of ¥395 million. Katitas said it aims to use Tobu Juhan's local sales network to strengthen purchasing and sales in the two regions.
Settlement is scheduled to begin on Dec. 10, 2026. If Katitas holds 90% or more of the voting rights after the offer, it will promptly demand the sale of the remaining shares; if not, it will carry out a share consolidation, with an extraordinary shareholders' meeting planned for early February 2027 and the consolidation taking effect in February-March 2027. Tobu Juhan shares are expected to be delisted.
| 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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