Business Brain Ota Showa (9658) expects to book a ¥17,054 million gain after agreeing to sell its entire 6,006,000-share stake in equity-method affiliate Global Security Expert (4417) back to GSX at ¥5,835 a share, rather than tendering into Accenture Japan Ltd.'s ¥8,500-a-share tender offer.
The board approved the agreement with Accenture Japan on Oct. 30. Business Brain Ota Showa held 39.56% of GSX as of March 31, 2026, making it the largest shareholder, ahead of Kanematsu Electronics at 20.26%.
Under the deal, Business Brain Ota Showa will not tender its shares. After the offer succeeds, a squeeze-out will be carried out, and the company will transfer all its GSX shares through a buyback by GSX. GSX will then cease to be an equity-method affiliate.
The company said the buyback price is lower than the offer price because it expects the deemed-dividend exclusion under Japan's Corporation Tax Act to apply. The ¥5,835 price was set so its after-tax proceeds would equal what it would receive by tendering at ¥8,500.
| Item | Figure |
|---|---|
| Tender offer price | ¥8,500/share |
| Buyback price | ¥5,835/share |
| Shares transferred | 6,006,000 |
| Expected gain | ¥17,054 million |
If the buyback is executed in the fiscal year ending March 2027, the gain will be recorded in that period. The company did not revise its earnings forecast because the timing of the offer and related transactions is not yet fixed, and said it will revise promptly once the impact becomes clear.
The company cited its Goal2030 medium-term plan and portfolio optimization, saying cybersecurity differs in character from its existing businesses.
| 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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