Daito Seito will buy 2,496,600 shares of Ensuiko Seito (2112), equal to 9.08% of voting rights, from four financial institutions on Oct. 27, lifting its stake to 23.85% from 14.77% and making it an 'other affiliated company' of the sugar refiner, Ensuiko Seito said on Oct. 26.
The sellers are Mizuho Bank, Mitsubishi UFJ Trust and Banking, Tokio Marine & Nichido Fire Insurance and Norinchukin Bank. After the transfer, Daito Seito will hold 6,557,260 shares and remain Ensuiko Seito's largest and principal shareholder. Because the purchase covers 5% or more of voting rights, it qualifies as an accumulation of shares equivalent to a tender offer under Article 167(1) of the Financial Instruments and Exchange Act.
| Item | Before (Mar. 31, 2026) | After |
|---|---|---|
| Shares held | 4,060,660 | 6,557,260 |
| Voting rights | 40,606 | 65,572 |
| Voting-rights ratio | 14.77% | 23.85% |
| Shareholder rank | 1st | 1st |
Ratios are based on 274,951 total voting rights as of March 31, 2026.
Daito Seito, based in Chiba City, manufactures sugar products. It was founded on July 26, 1952, has capital of ¥100 million and, as of March 31, 2026, reported net assets of ¥14.87 billion and total assets of ¥16.74 billion. Its largest shareholder is Daito Co., with 53.1%. The two companies conduct refined-sugar toll-processing transactions with each other. Daito Seito's president also serves as Ensuiko Seito's president, and one Daito Seito director sits on Ensuiko Seito's board.
The companies signed a business alliance agreement on July 1, 2023, and have cooperated on new businesses and products, strengthening existing operations and sales, and social contribution activities. Ensuiko Seito said it will expand and deepen the partnership and that the change has no impact on its consolidated results.
The share transfer is scheduled for Oct. 27, 2026, when Daito Seito becomes an other affiliated company of Ensuiko Seito.
| 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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