Shobunsha Holdings (9475) said on Nov. 6 that MSE, an asset management company controlled by President Shigeo Kuroda, will launch a tender offer for its common shares at ¥752 apiece as part of a management buyout to take the company private, and its board endorsed the offer and recommended shareholders tender.
MSE, established on Oct. 13, 2023, is wholly owned by Kuroda and his relatives, with Kuroda holding 100.0% of its voting rights. MSE currently owns 3,428,500 Shobunsha shares, or 19.14%, making it the second-largest shareholder. Kuroda personally holds 1,879,700 shares, or 10.49%, and has agreed not to tender them. He plans to remain president after the deal.
Top shareholder MTI, with 5,389,587 shares (30.09%), and Founder Mapple, an asset management company of Kuroda's relatives, with 180,000 shares (1.00%), have agreed to tender all of their combined 5,569,587 shares, or 31.09%.
| Item | Detail |
|---|---|
| Offer price | ¥752 per share |
| Shares to be purchased | 12,603,721 |
| Minimum | 6,633,100 shares |
| Maximum | None |
Separately, conditional on the offer's success, Shobunsha cut its year-end dividend forecast for the fiscal year ending March 2027 to zero from ¥5 per share and will abolish its shareholder perks program. The company said the offer price was set on the premise that no year-end dividend would be paid.
The tender offer runs from Nov. 9 to Dec. 21, 2026 (30 business days), with settlement starting Dec. 28. MSE will file its tender offer registration statement on Nov. 9. If the offer succeeds, an extraordinary shareholders' meeting will be called to approve a share consolidation to squeeze out remaining holders, and the stock is expected to be delisted.
| 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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