BCPE Neon Cayman, L.P. became Baudroie's parent company and largest shareholder on October 13, 2026, after settling its tender offer and buying shares directly from three founder shareholders, according to the subsequent-events note in Baudroie's interim results. The note puts its voting rights above 50% of the total.
How control moved
The tender offer, part of a management buyout, ran from August 19 to October 5 and covered ordinary shares and share acquisition rights. Holders tendered 10,365,448 shares, against a minimum purchase of 3,135,200, so the offer succeeded and the bidder took all shares tendered. Baudroie was told of the result on October 6. See also Earlier Tokyo Brief coverage.
The parallel purchases, made outside the tender offer, were executed on the settlement date. As a result, BCPE Neon GP, LLC, the parent of BCPE Neon Cayman, also counts as Baudroie's parent through indirect holdings. Two founders dropped out of the major-shareholder category: one also lost the status of largest shareholder, and the other ceased to be a major shareholder. The note gives no purchase price and does not address Baudroie's listing.
The results underneath
For March to August 2026, revenue was ¥11.18bn, up 45.2%. Operating profit rose 16.5% to ¥1.64bn, and profit attributable to owners of the parent rose 14.3% to ¥1.16bn. The results are unreviewed by an auditor. Baudroie left its full-year guidance unchanged: revenue of ¥23.5bn and operating profit of ¥4.41bn.
The dividend forecast for the current year is zero. The previous year ended with a year-end payout of ¥7.58 per share.