Future Corporation's tender offer closed on September 10 with 43,265,702 shares tendered at ¥2,451 apiece, comfortably clearing the 23,376,700-share floor the bidder had set. The offer was run by Key West Network Co., Ltd., which converted from a limited liability company to a stock company on the day results were announced.
Key West Network is wholly owned by DANA POINT Corporation PTE. LTD., a Singapore-registered asset-management vehicle that is itself wholly owned by Future's own chairman and representative director. Once settlement begins on September 17, the bidder's voting stake jumps from 34.02% to 82.78%, making Key West Network and DANA both new parent companies of the Tokyo Prime-listed firm.
| Metric | Before offer | After settlement (Sept 17, 2026) |
|---|---|---|
| Offer price per share | — | ¥2,451 |
| Shares tendered vs. minimum | — | 43,265,702 tendered (floor: 23,376,700) |
| Key West Network voting stake | 34.02% | 82.78% |
| Chairman's personal voting stake | 12.53% | 6.26% |
| Key West Network plus special related parties | — | 89.04% |
The chairman's own direct holding falls from 12.53% to 6.26%, ending his status as a major shareholder in his own name. He plans to place his remaining 5,558,700 untendered shares into a trust with Key West Network as trustee, which will exercise the voting rights attached to them. Combined with the special related parties, the buyer group's voting share reaches 89.04%.
Key West Network intends to run a squeeze-out to become Future's sole registered shareholder. If completed, that would trigger delisting from the Tokyo Stock Exchange's Prime Market under the exchange's standard rules; no date has been set, and Future says further procedural details will be disclosed once decided. The move follows an MBO the company announced on July 29.