MTI Ltd. (9438) said it will tender all 5,389,587 shares it holds in Shobunsha Holdings into a tender offer by MSE at ¥752 a share, or ¥4,052 million in total, and expects to book a consolidated extraordinary loss of ¥410 million if the offer succeeds.
MTI's board approved a tender agreement with MSE on Nov. 6, 2026. MSE is wholly owned by Shigeo Kuroda, president and representative director of Shobunsha Holdings, and the tender offer is a management buyout aimed at taking Shobunsha private. MTI said it judged the offer would help raise Shobunsha's corporate value and that tendering was economically rational for MTI.
| Item | Figure |
|---|---|
| Shares to be tendered | 5,389,587 (29.90% of voting rights) |
| Price per share | ¥752 |
| Transfer amount | ¥4,052 million |
| Consolidated extraordinary loss (est.) | ¥410 million |
| Non-consolidated extraordinary gain (est.) | ¥1,530 million |
If the offer succeeds, MTI's holding will fall to zero and Shobunsha will cease to be an equity-method affiliate. As of March 31, 2026, MTI was Shobunsha's largest shareholder with 29.65%, followed by MSE with 18.86% and Kuroda with 10.29%. Shobunsha posted sales of ¥6,727 million and net profit attributable to owners of the parent of ¥1,210 million for the year ended March 2026.
MSE has set a minimum tender threshold and will not purchase any shares if tenders fall short of it.
The tender offer runs from Nov. 9 to Dec. 21, 2026, with results due Dec. 22 and settlement starting Dec. 28. MTI will reflect the impact in its consolidated forecast for the year ending September 2027, to be released with its fiscal 2026 earnings on Nov. 10, 2026.
| 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 |
Summaries of public disclosures by Japanese listed companies. Not investment advice; accuracy not guaranteed. Figures and dates in the TDnet originals prevail.
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