NSSK-EPSILON1, owned by funds managed or advised by Nippon Sangyo Suishin Kiko (NSSK), will launch a ¥2,500-per-share tender offer to take Broadmedia Corporation (4347) private, and Broadmedia's board has endorsed the bid and recommended that shareholders tender.
The offer runs from Oct. 30 to Dec. 14, 2026 (30 business days). NSSK-EPSILON1 set a minimum of 4,718,100 shares, or 66.20% of the 7,127,029 shares outstanding excluding treasury stock, and no maximum. If tendered shares fall short of the minimum, it will buy none.
Asset Value Investors Limited (AVI) agreed to tender all 2,851,053 shares (40.00%) held by AVI Japan Opportunity Trust Plc, Broadmedia's largest shareholder, AVI Japanese Special Situations Fund and one other investment entity. Broadmedia also signed a tender offer agreement with the acquirer.
NSSK-EPSILON1 was established on Aug. 26, 2026, and is wholly owned by NSSK-EPSILON2, which is in turn wholly owned by NSSK funds. It expects to receive up to ¥10.18 billion in capital from its parent. Neither the acquirer nor its related parties currently own Broadmedia shares.
| Item | Detail |
|---|---|
| Offer price | ¥2,500 per share |
| Shares to be purchased | 7,127,029 |
| Minimum | 4,718,100 shares (66.20%) |
| Maximum | None |
Separately, Broadmedia cut its year-end dividend forecast for the fiscal year ending March 2027 to zero from ¥65 per share, conditional on the offer succeeding, saying the offer price was set on the premise that no year-end dividend would be paid. The year-end dividend for the fiscal year ended March 2026 was ¥60.
Next steps: NSSK-EPSILON1 will file its tender offer registration statement on Oct. 30. Settlement begins Dec. 21, with Daiwa Securities acting as tender offer agent. After the offer, the acquirer plans further procedures to make Broadmedia a wholly owned subsidiary, and the 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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