SBI Holdings, Inc. (8473) said its ¥340-per-share tender offer for BASE, Inc. (4477), which ended on Oct. 21, 2026, drew tenders of 90,944 shares, giving the buyer a 0.08% stake.
The offer was made by SBINM LLC, a vehicle wholly owned by SBI Holdings subsidiary SBIER Inc., which also serves as its representative member. SBI decided on the bid on Aug. 28, 2026, and ran it from Aug. 31 to Oct. 21, or 34 business days, for common shares of BASE, which is listed on the Tokyo Stock Exchange Growth market. The offer set no minimum.
| Item | Figure |
|---|---|
| Offer price | ¥340 per share |
| Maximum shares sought | 23,792,300 |
| Shares tendered and purchased | 90,944 |
| Voting rights after offer | 909 (0.08%) |
Because tenders did not exceed the cap, the buyer will purchase all tendered shares. The ownership ratio is calculated on 118,961,372 shares, based on BASE's share count as of June 30, 2026, including shares underlying stock acquisition rights and excluding treasury stock. Offer terms were changed in public notices dated Sept. 30 and Oct. 6.
SBI said its post-offer policy is unchanged from its Aug. 28 announcement. As the stake fell short of the 23,792,300-share cap, equal to 20.00%, BASE will not become an equity-method affiliate. SBI will consult with BASE on how to handle the capital and business alliance agreement the two signed on Aug. 28. SBI expects the impact on its consolidated results to be minor and said it will promptly disclose any matters that require announcement.
Next steps: Settlement, handled by SBI Securities Co., Ltd., begins on Oct. 28, 2026.
| 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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