BASE, Inc. has disclosed that one of its major shareholders plans to resume buying the company's shares from October 2, with the stated aim of lifting its holding above 30%. The company added the passage to its opinion statement on the SBI Holdings tender offer in a notice dated October 5, 2026. The board's position has not moved: it supports the offer and leaves the decision to tender to shareholders.
What the shareholder told BASE
The exchange followed the extension covered in our earlier report. On September 30, the offeror, SBINM, a wholly owned subsidiary of SBI Holdings, extended the tender period to October 15, making it 30 business days in total. The same day, BASE told the shareholder's agent of the extension. It also sent a reply to a written confirmation it had received from the shareholder about how BASE had considered the possibility of receiving management support from that shareholder.
On October 1, the agent answered, according to BASE. The shareholder said it had refrained from trading BASE shares during the tender period before the extension. It said it could not go along with the wishes of BASE's executive side, which it said had not seriously considered the disadvantage to the shareholder of having free trading in the shares restricted in connection with that management support. BASE notes that the wording is as the agent relayed it.
The shareholder also said it had concluded that resuming purchases would not harm SBI Holdings' interests and would rather serve ordinary shareholders. It therefore told BASE it would resume buying from October 2, aiming to take its holding above 30%.
BASE's stance
BASE says it weighed the possible disadvantage to the shareholder as it studied and responded to the matter, judging it against the company's corporate value and the shared interests of shareholders. It adds that its view and the shareholder's now differ. The company said it will disclose further developments promptly.
Limits of the disclosure
An aim to exceed 30% is a stated intention relayed by BASE, not evidence that the holding has reached that level. The notice does not name the shareholder or give its current stake. It does not describe the shareholder's purchases as a rival offer, and it says nothing about how they bear on the offer's outcome. The tender period runs to October 15.