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Hillhouse-backed HHH1 launches ¥2,020-a-share tender offer for Circlace

Thu, Oct 22, 2026 16:00 JST　Circlace Inc. (5029.T)　IT services　中文

HHH1 GK, indirectly owned by funds managed, advised or operated by Hillhouse Investment Management, Ltd., will launch a tender offer at ¥2,020 per share for TSE Growth-listed Circlace Inc. (5029) to make it a wholly owned subsidiary, with Circlace's board endorsing the bid and recommending that shareholders tender.

Tender offer price¥2,020 per share

Offer periodOct. 23-Dec. 7, 2026 (30 business days)

Minimum tender2,970,800 shares (no maximum)

Tender commitmentsPasona Group 32.31%, TQUILA 30.80%

The offer runs from Oct. 23 to Dec. 7, 2026, a period of 30 business days. There is no maximum; the minimum is 2,970,800 shares, which would give the bidder a 66.67% stake based on a fully diluted total of 4,456,145 shares. Circlace's 1st, 3rd, 4th and 6th series stock acquisition rights will be bought at ¥1 per unit, and the board left the decision on whether to tender those rights to their holders.

The bidder has signed tender agreements with Circlace's largest shareholder, Pasona Group Inc., covering all 1,440,000 shares it holds (32.31%), and with second-largest shareholder TQUILA LIMITED, covering all 1,372,600 shares it holds (30.80%).

HHH1 GK was established on April 10, 2025, and is wholly owned by Inspire APAC Holdings Pte. Ltd., which is indirectly wholly owned by Hillhouse-managed funds. Hillhouse, Inspire APAC and HHH1 held no Circlace shares or stock acquisition rights as of the announcement date. Hillhouse was founded in 2005 and made its first investment in Japan in 2009.

Next steps: The bidder will file its tender offer registration statement on Oct. 23, 2026, and the offer period ends Dec. 7. If the offer succeeds, the bidder plans subsequent procedures to make Circlace wholly owned, and Circlace's shares are expected to be delisted.

Original filings

Leopalace21 tender at ¥1,000 a share ends; Hikari Tsushin to hold 34% of joint vehicle(10/31 09:30　Code 9435)
Accenture Japan launches ¥8,500-a-share tender offer for Global Security Expert(10/30 18:45　Code 4417)
Itochu-backed VIC to launch ¥2,880-a-share tender offer for Dentsu Soken on Nov. 2(10/30 15:30　Code 4812)
Business Brain Ota Showa to exit GSX stake in Accenture deal, sees ¥17,054 mln gain(10/30 20:00　Code 9658)
Kanematsu Expects About ¥14.5 Billion Gain From GSX Stake Sale(10/30 19:00　Code 8020)
Itochu to launch ¥2,880-a-share tender offer for Dentsu Soken on Nov. 2(10/30 15:30　Code 8001)
NSSK vehicle launches ¥2,500-a-share tender offer to take Broadmedia private(10/29 15:30　Code 4347)
Bodorua plans 3,124,872-to-1 share consolidation, delisting set for Jan. 6, 2027(10/29 16:00　Code 4413)
ANA Holdings plans share swap to fully own AIRDO, Solaseed Air parent from April 2027(10/29 15:30　Code 9202)
ITG-G extends ¥2,514-a-share Kadoya Seiyu bid to Nov. 13 after rival proposal(10/29 19:30　Code 2612)
Japanius to buy dotsline for ¥2.5 billion, take full control via share swap(10/29 16:00　Code 9558)
Kamgras 1 lifts Kakaku.com tender offer to ¥3,683 a share, extends to Nov. 12(10/29 12:40　Code 2371)
Future calls Nov. 30 EGM on share consolidation, set to delist Dec. 23(10/28 16:00　Code 4722)
Kadoya Seiyu gets binding rival buyout proposal from fund at conditional ¥3,000 a share(10/28 21:00　Code 2612)
Kamgras 1 raises Kakaku.com tender offer to ¥3,683, extends to Nov. 12(10/28 18:40　Code 2371)
Link-U Group to merge two wholly owned subsidiaries, effective Jan. 1, 2027(10/28 18:30　Code 4446)
Sharing Technology tender offer succeeds; MP-2606 to hold 85.74% of votes(10/28 16:00　Code 3989)
Shinko Shoji to be delisted from TSE Prime on Oct. 29 after share consolidation vote(10/28 15:30　Code 8141)
JPMC sets Nov. 27 EGM on share consolidation for MBO; delisting due Dec. 29(10/27 16:00　Code 3276)
WDI unit to absorb Tim Ho Wan Japan operator, effective Jan. 1, 2027(10/27 15:30　Code 3068)
Bain, LY Corp. raise proposed Kakaku.com tender price to ¥3,700 a share(10/27 12:30　Code 2371)
Ikuyo plans tender offer for Muraki (7477); target says it had no prior notice(10/26 17:30　Code 7477)
Daito Seito to raise Ensuiko Seito stake to 23.85%, become affiliate(10/26 16:00　Code 2112)
Bain, LY Raise Planned Kakaku.com Tender Offer Price to ¥3,700(10/26 15:30　Code 4689)
Kyowa Dengyo to absorb three wholly owned subsidiaries effective Jan. 1, 2027(10/26 15:30　Code 6853)
Image Magic completes 100% takeover of screen printer Hasegawa Bigei(10/26 15:30　Code 7793)
Ikuyo plans ¥3,000-a-share tender offer for Muraki to take majority stake(10/26 13:45　Code 7273)
Digital Hearts calls Nov. 20 EGM to finish ¥1,060-a-share MBO, delisting Dec. 11(10/23 16:00　Code 3676)
Tokuyama to absorb wholly owned unit Super Nano Design, effective Feb. 1, 2027(10/23 15:30　Code 4043)
Pasona Group to tender Circlace stake in TOB, expects about ¥2.6 billion gain(10/22 16:00　Code 2168)
SBI's tender offer for BASE draws 90,944 shares, short of equity-method stake(10/22 12:00　Code 4477)
SBI Holdings' tender offer for BASE draws 90,944 shares, leaving 0.08% stake(10/22 10:00　Code 8473)
Freebit unit to buy all of Kumamoto ISP Rinekuto, price undisclosed(10/22 16:30　Code 3843)
Wellness Communications to buy SMS's stress-check unit, merge it on Jan. 1, 2027(10/21 15:30　Code 3660)
SMS to split off two businesses Dec. 1, handing data health unit to Medcare for ¥1(10/21 15:30　Code 2175)
SANKYO acquires 100% of gaming machine maker A-gon, adds it as new brand(10/21 15:00　Code 6417)
Bizmates posts materials, video on Oct. 5 deal to fully acquire With The World(10/20 15:50　Code 9345)
eSOL buyout tender offer succeeds; BCJ-110 to hold 64.70% of voting rights(10/20 15:30　Code 4420)
Serendip Holdings to merge Mitsuiya Kogyo, Excel into auto unit effective April 1, 2027(10/20 15:30　Code 7318)
Art Vivant shareholders approve 618,000-to-1 share consolidation, to delist Nov. 11(10/20 15:00　Code 7523)
Welby unit to issue 34.01% stake to TISI in business and capital alliance(10/20 16:00　Code 4438)
Image Joho Kaihatsu to buy Kuraddo Oita for ¥200 million, sign business tie-up(10/20 15:30　Code 3803)
Recomm to make JV unit wholly owned via 920,188-share treasury stock swap(10/19 19:00　Code 3323)
Storage-Oh calls Nov. 16 EGM on share consolidation; delisting set for Dec. 16(10/19 15:30　Code 2997)
Kumiai Chemical sets share-swap ratios for 3 subsidiaries at 2.34, 1.12, 0.42(10/16 17:30　Code 4996)
AFC-HD AMS Life Science to fully acquire Saikaya in 0.3-for-1 share swap(10/16 17:00　Code 2927)
AFC-HD AMS Life Science to make Saikaya wholly owned unit in 0.3-for-1 share swap(10/16 17:00　Code 8254)
Real Quality to absorb wholly owned ryokan unit Fuji Corporation on Dec. 1(10/16 16:00　Code 3980)
EM Systems to absorb two wholly owned subsidiaries, effective Jan. 1, 2027(10/16 16:00　Code 4820)
Tohoku Tokushuko shares to be delisted Oct. 19 after share consolidation(10/16 16:00　Code 5484)
Seigakusha to absorb wholly owned childcare unit, effective April 1, 2027(10/16 15:30　Code 2179)
Rex Advisers to absorb wholly owned unit Yume Catalyst, effective Dec. 1(10/15 17:00　Code 6020)
Iore to make WOODMAN a wholly owned unit via share swap, issue 3,436,428 new shares(10/15 15:30　Code 2334)
Photosynth to buy two fitness operators for ¥560 million, merge them(10/15 15:30　Code 4379)
Kamgras 1 raises Kakaku.com tender offer to ¥3,682, extends to Oct. 28(10/15 08:30　Code 2371)
TSI Holdings, World to integrate under holding firm INFINITY UNITED on March 1, 2027(10/14 15:30　Code 3608)
Kamgras 1 lifts Kakaku.com tender price to ¥3,682, extends offer to Oct. 28(10/14 17:40　Code 2371)
World and TSI Holdings to integrate under new holding company in March 2027(10/14 15:30　Code 3612)
Luxshare unit's tender offer for Seed succeeds with 43.29% of voting rights(10/14 15:30　Code 7743)
Owell to absorb wholly owned unit Meiho Shoji, effective April 1, 2027(10/14 15:04　Code 7670)
Parent Hulic launches ¥295-per-share tender offer to take Riso Kyoiku Group private(10/13 18:00　Code 4714)
Katitas launches ¥2,000-a-share tender offer for Tobu Juhan; delisting planned(10/13 15:30　Code 3297)
Hulic launches ¥295-per-share tender offer to take full control of Riso Kyoiku(10/13 18:00　Code 3003)
Katitas launches ¥2,000-a-share tender offer to take full control of Tobu Juhan(10/13 15:30　Code 8919)
CE Holdings to consolidate shares 3,204,500-to-1, delist on Jan. 13(10/09 15:30　Code 4320)
Taiyo Holdings: KJ005 tender offer now targeted for late November 2026(10/09 15:30　Code 4626)
Dai Nippon Printing to absorb IT unit, subsidiary's sales business on April 1, 2027(10/09 15:30　Code 7912)
Tender Offer for DIC Affiliate Taiyo Holdings Pushed Back to Late November(10/09 15:30　Code 4631)
Project Holdings Bidder TX1 Cleared Under Forex Law to Buy Shares From Oct. 6(10/09 14:00　Code 9246)
Shinko Shoji shareholders approve squeeze-out at ¥1,580; delisting Oct. 29(10/09 10:55　Code 8141)
Nihon Sohatsu Group to make JBS wholly owned in 146-for-1 share swap(10/08 16:00　Code 7814)
Ryomo Systems to be delisted from TSE on Oct. 9 after share consolidation(10/08 15:30　Code 9691)
Minato Holdings ends Media Trust alliance over breaches, sees about ¥150 mln loss(10/07 15:30　Code 6862)
True Data to buy POS software maker Cosmonet for ¥220 million(10/07 15:30　Code 4416)
Mitsubishi Materials to fold domestic cutting-tool sales into new unit in April 2027(10/07 15:30　Code 5711)
Satudora sets Nov. 25 delisting, seeks approval for share consolidation after MBO(10/06 15:30　Code 3544)
SBI unit extends ¥340-per-share tender offer for BASE to Oct. 21(10/06 16:30　Code 4477)
JPMC MBO tender offer succeeds with 9,057,536 shares tendered; delisting planned(10/06 15:30　Code 3276)
Bodorua's MBO tender offer succeeds; Bain-linked buyer to hold 85.68% of votes(10/06 15:30　Code 4413)
Project Holdings bidder TX1 gets antitrust clearance, waiting period cut to 22 days(10/06 14:00　Code 9246)
CRAVIA to buy 50% of K-pop agency Redstart ENM for 50,000 won, lend up to 1.5 bln won(10/06 18:00　Code 6573)
Media Do moves subsidiary transfer contract date to Oct. 5 after procedural flaw(10/06 15:30　Code 3678)
Bizmates to buy With The World for cash and shares, valuing it at ¥216 million(10/05 15:30　Code 9345)
Japan M&A Solution to Buy SBI Tsuji Hongo M&A in Share Swap, Effective Dec. 4(10/05 12:30　Code 9236)
BASE says major shareholder to resume buying, seeks over 30% stake amid SBI bid(10/05 11:30　Code 4477)
Takara Holdings to sell 70% of logistics unit to Chuo Warehouse for ¥5.985 billion(10/05 16:00　Code 2531)
Value HR to buy health-checkup agency Shin-Akasaka for ¥1,454 million(10/02 16:00　Code 6078)
KPP Group's Antalis to acquire 9 Papyrus paper wholesalers in Europe(10/02 17:00　Code 9274)
Kyokuto Boeki completes merger of wholly owned unit ZRC Japan on Oct. 1(10/01 16:20　Code 8093)
NAC makes Yoko a wholly owned subsidiary via simplified share exchange effective Oct. 1(10/01 16:00　Code 9788)
ALSOK to make Nippon Dry-Chemical a subsidiary, lifting stake to 51.2%(10/01 15:30　Code 2331)
Daido Limited to absorb NEWYORKER unit Daido Forward, effective Dec. 1(10/01 15:30　Code 3205)
YRGLM completes absorption of wholly owned unit Atara, effective Oct. 1(10/01 15:30　Code 3690)
Murata Manufacturing to absorb wholly owned Saitama unit, close site in May 2027(10/01 15:00　Code 6981)
KTC (Kyoto Kikai Kogu) completes merger of two wholly owned subsidiaries(10/01 11:00　Code 5966)
PCI Holdings completes merger with unit, renames itself PCI Solutions(10/01 09:00　Code 3918)
WOWOW takes 51% of Lemino JV with NTT Docomo, closes ¥841.1 million placement(10/01 15:30　Code 4839)
SBI asset manager, insurer sign merger pact for April 2027; BASE tender extended(09/30 15:45　Code 8473)
Tsukishima Holdings to integrate with Mitsubishi Kakoki in April 2027; ¥3 bln buyback(09/30 15:30　Code 6332)
Takara Standard to absorb FRP unit Takara Kako effective April 1, 2027(09/30 17:00　Code 7981)
Namura Zosensho to absorb wholly owned steel-center unit, effective April 1, 2027(09/30 16:10　Code 7014)
SBI unit extends BASE tender offer to Oct. 15; ¥340 price unchanged(09/30 15:45　Code 4477)
Chiba Ginko, Chiba Kogyo Ginko name holding company board ahead of April 2027 launch(09/30 15:30　Code 8331)
Chiba Bank, Chiba Kogyo Bank approve share transfer plan for April 2027 holding company(09/30 15:30　Code 8337)
FIDEA's Shonai, Hokuto banks sign merger deal; FIDEA Bank to launch Jan. 1, 2027(09/30 12:30　Code 8713)
Striders to acquire IT firm block party in share swap using 597,600 treasury shares(09/30 12:00　Code 9816)
Kamgras 1 raises Kakaku.com tender offer to ¥3,681, extends deadline to Oct. 14(09/30 08:30　Code 2371)
SBI Global Asset Management to absorb SBI Insurance Group at 3.53-to-1 merger ratio(09/30 08:30　Code 4765)
SBI Insurance Group to merge into SBI Global Asset Management at 3.53-for-1 ratio(09/30 08:30　Code 7326)
Hau Terebijon to shift mond platform to U.S. unit, absorb dormant subsidiary Dec. 1(09/29 15:30　Code 7064)
Kamgras 1 raises Kakaku.com tender offer to ¥3,681, extends offer to Oct. 14(09/29 17:10　Code 2371)
Hokko Chemical to absorb unit, take over Hokko Sangyo business on Dec. 1(09/29 17:00　Code 4992)
Nippon Seiro to absorb wholly owned unit Technowax on Jan. 1, 2027(09/29 15:30　Code 5010)
SMFG to put SMBC Nikko under new holding company via Oct. 1 share exchange(09/29 15:30　Code 8316)
Blackstone-backed TX1 launches ¥2,200-a-share tender offer for Project Holdings(09/28 18:00　Code 9246)
Jimoty to be delisted from TSE Growth on Sept. 29 after share consolidation approval(09/28 15:30　Code 7082)
GAIA to make FP Bank wholly owned via 75% stake buy, 56-for-1 share swap(09/28 14:00　Code 1540)
Laboro.AI to take 4.5% stake in copper paste maker Material Concept for ¥100.32 million(09/28 16:00　Code 5586)
Akebono Brake completes partial sale of Chinese unit, sees ¥300 million gain(09/28 10:00　Code 7238)
HYUGA PRIMARY CARE backs ¥2,110-per-share MBO tender offer by JG44(09/25 16:30　Code 7133)
City Index Fifth launches ¥125,000-per-unit bid to take Sankei Real Estate private(09/25 15:30　Code 2972)
CUC to keep 840,000 HYUGA PRIMARY CARE shares out of JG44 tender offer(09/25 17:30　Code 9158)
Digital Hearts Holdings MBO tender succeeds; buyer to hold 50.17% of votes(09/25 16:00　Code 3676)
PRAP Japan to absorb wholly owned unit Precision Marketing on Dec. 1(09/25 15:30　Code 2449)
Nippon Sheet Glass to delist from TSE Prime on Sept. 28 after Apollo-linked share issue(09/25 15:30　Code 5202)
Nikke to merge three uniform subsidiaries into Nikke Mate effective Dec. 1(09/25 15:00　Code 3201)
Yamadai to delist from TSE Standard Market on Sept. 28 after share consolidation(09/25 09:40　Code 7426)
Wakita to absorb wholly owned unit Korudia, effective Jan. 1, 2027(09/24 16:00　Code 8125)
Yamadai holders approve 406,580-for-1 reverse split ahead of Sept. 28 delisting(09/24 13:00　Code 7426)
GMO Internet to buy 65.96% of GMO Commerce from parent in ad unit overhaul(09/24 16:01　Code 4784)
GMO Internet Group to transfer GMO Commerce stake to GMO Internet for ¥4.3 billion(09/24 16:01　Code 9449)

Key Figures

Hikari Tsushin, Inc.
Offer price	¥1,000 per common share

Filings by Type (10/31)

M&A / TOB	1
Guidance	0
Buybacks	0
Dividends	0
Capital	0
Earnings	0
People	0

中文版

レオパレス21公開收購結束，光通信將持控股公司34%

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Hillhouse-backed HHH1 launches ¥2,020-a-share tender offer for Circlace

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