Takahashi Kikaku Co., the asset-management company of Hob Co. (1382) Chairman Iwao Takahashi, will launch a tender offer at ¥1,140 per share to take Hob private in a management buyout, with Hob's board endorsing the bid and recommending that shareholders tender.
The offer seeks 456,243 shares, with a minimum of 202,500 shares, or 26.60% of the base share count, and no maximum. Takahashi Kikaku was established on Oct. 2, 2026, with capital of ¥1 million and is wholly owned by Takahashi.
Takahashi, Hob's largest shareholder with 305,000 shares (40.07%), will not tender his stake. His wife, Yukari Takahashi, the third-largest shareholder and a director of the offeror, intends to tender all 22,000 of her shares (2.89%). Neither has signed a tender or non-tender agreement. After the offer, the buyer plans a share exchange to make Hob a wholly owned subsidiary, and Takahashi will remain chairman.
The Tokyo Stock Exchange on July 23, 2026, designated Hob shares for delisting on Jan. 1, 2027, for failing the tradable-share market capitalization criterion, a schedule that applies regardless of the offer's outcome. Hob said the deal gives general shareholders an opportunity to sell at fair terms before delisting.
Hob also cut its fiscal year to June 2027 consolidated forecast, booking ¥58 million in advisory, legal and other MBO-related costs as an extraordinary loss:
| Item | Previous | Revised |
|---|---|---|
| 1H net profit attributable to owners | ¥12 million | -¥28 million |
| Full-year net profit attributable to owners | ¥18 million | -¥21 million |
| Full-year EPS | ¥24.19 | -¥28.62 |
Sales of ¥2,545 million and operating profit of ¥28 million were unchanged. Tokai Tokyo Securities Co. is the tender offer agent.
Next steps: Takahashi Kikaku will file its tender offer registration statement on Nov. 9, 2026. The offer runs through Dec. 21, with settlement starting Dec. 28, and Hob shares are scheduled to be delisted on Jan. 1, 2027.
| Hob Co., Ltd. | |
| Offer price | ¥1,140 per share |
| Shobunsha Holdings | |
| Offer price | ¥752 per share |
| Charm Care Corporation | |
| Tender offer price | ¥1,970 per share |
| GEOSTR Corporation | |
| H1 net profit | ¥951 million (up 118.9%) |
| Dai Nippon Toryo Co., Ltd. | |
| H1 net profit attributable to owners | ¥3.43 billion (up 144.2%) |
| Shinto Paint Co., Ltd. | |
| Share exchange effective date | Feb. 25, 2027 (scheduled) |
| Up Garage Group | |
| Maximum shares to be purchased | 880,000 shares (11.09%) |
| Nakku | |
| H1 net income | loss of ¥62 million |
| M&A / TOB | 23 |
| Guidance | 83 |
| Buybacks | 28 |
| Dividends | 22 |
| Capital | 11 |
| Earnings | 275 |
| People | 2 |
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