Itochu Shoji (8001) will launch a tender offer for Dentsu Soken (4812) on Nov. 2, 2026 through its unit Godo Kaisha VIC, offering ¥2,880 per share with the aim of taking the company private.
The deal was first announced on Aug. 31, 2026, with the launch made conditional on preconditions including competition-law clearances in Japan, China and the EU. The offeror said it confirmed by Oct. 30 that all preconditions had been satisfied.
Godo Kaisha VIC, established on July 14, 2026 with capital of ¥3 million, is 80% owned by Itochu Shoji and 20% by Itochu subsidiary IFP. Dentsu Group, Dentsu Soken's parent, holds 120,779,736 shares, or 61.78%, and has agreed not to tender. Itochu and VIC held no Dentsu Soken shares as of Oct. 30. Dentsu Soken's board supports the offer and recommends that shareholders tender.
| Item | Detail |
|---|---|
| Offer price | ¥2,880 per share |
| Offer period | Nov. 2 - Dec. 2, 2026 (21 business days) |
| Minimum | 9,340,400 shares (66.57% ownership after purchase) |
| Maximum | None |
After the transaction, Dentsu Group and the offeror would be Dentsu Soken's only shareholders. Itochu said it aims to combine Dentsu Soken's business consulting and application development capabilities with the Itochu group's IT infrastructure, customer base, and M&A and overseas networks to accelerate growth investment.
Next steps: The offer runs from Nov. 2 to Dec. 2, 2026. If Dentsu Soken requests an extension, the period will run 30 business days, until Dec. 15. A share consolidation is scheduled for early February 2027, after which Dentsu Group would hold 61.78% and the offeror 38.22%.
| 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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