Accenture Japan Ltd. will launch a tender offer at ¥8,500 per share for Global Security Expert Inc. (4417) to make it a wholly owned subsidiary and take it private, and the target's board has endorsed the bid and recommended that shareholders tender.
The offer runs from Nov. 2 to Dec. 15, 2026 (30 business days). The minimum is 983,100 shares, with no maximum; at the minimum, the buyer's ownership ratio would be 66.37%. The 2nd series stock acquisition rights will be bought at ¥1 each, and the board left the decision to tender to holders. Accenture Japan, whose ultimate parent is NYSE-listed Accenture plc, registered in Dublin, Ireland, currently holds no shares in the company. The two companies have a subcontracting business relationship.
The two largest shareholders, Business Brain Ota Showa (6,006,000 shares, 39.57%) and Kanematsu Electronics (3,076,000 shares, 20.27%), have agreed not to tender their combined 9,082,000 shares (59.83%). They will vote for the squeeze-out at an extraordinary shareholders' meeting and then sell all their shares back to the company, at a price set so their after-tax proceeds are substantially equal to tendering.
The company will pay an interim dividend of ¥24.55 per share, totaling ¥372 million. If the offer succeeds, it will scrap the year-end dividend previously forecast at ¥24.56, cutting the annual payout to ¥24.55 from a forecast ¥49.11, and abolish its shareholder benefit program starting with the March 31, 2027 record date.
Next steps: the tender period ends Dec. 15, 2026, and the interim dividend takes effect Dec. 7, 2026. After settlement, Accenture Japan will ask the company to convene an extraordinary shareholders' meeting on a share consolidation, 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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