Ikuyo Co., Ltd. (7273) said on Oct. 26 it plans to launch a tender offer for Muraki (7477) at ¥3,000 per share, a 105.76% premium to the Oct. 23 close, for up to 486,300 shares. The offer would lift Ikuyo's stake to 50.13% if fully subscribed and will start only once certain preconditions are met.
Ikuyo currently holds 250,000 Muraki shares, or 17.01%. The stake is calculated on 1,469,700 shares, which is Muraki's 1,470,000 issued shares as of March 31, 2026, minus 300 treasury shares. The offer has no minimum. At the maximum, the purchase would cost ¥1,458.9 million. Digital Asset Securities is slated to act as tender offer agent.
| Benchmark | Muraki price | Premium |
|---|---|---|
| Oct. 23 close | ¥1,458 | 105.76% |
| 1-month average | ¥1,561 | 92.18% |
| 3-month average | ¥1,571 | 90.96% |
| 6-month average | ¥1,722 | 74.22% |
Muraki adopted a takeover response policy on April 25, 2025. Ikuyo said launching the offer now could breach that policy and trigger countermeasures, so it is holding off. It sent a proposal letter to Muraki's board on Oct. 26. Muraki has set Oct. 13 as the record date for an extraordinary shareholders' meeting but has not disclosed the meeting date or agenda. Ikuyo said it is announcing the plan now so that shareholders know about it before they vote.
Ikuyo aims to make Muraki a consolidated subsidiary and take management control. It wants to combine Muraki's nationwide service station and maintenance network and customer base with the Ikuyo group's auto parts manufacturing, quality control and procurement know-how and its EV and next-generation energy business development. If it does not gain control, it will still pursue a business alliance with Muraki.
The offer price may be revised before launch. After launch, the offer could be withdrawn or the price lowered.
Ikuyo plans to launch the offer within five business days after the preconditions are met or waived, targeting late April 2027, with a planned offer period of 30 business days. It will withdraw the proposal if the preconditions are not met by May 31, 2027, and it has not decided to waive them and launch.
| 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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