Keywest Network, the buyout vehicle behind Future Corporation's take-private deal, has closed its tender offer for the Tokyo Prime-listed IT consultancy at ¥2,451 a share. The offer ran from July 30 to September 10, 2026, and settlement is scheduled to begin September 17. It leaves Keywest Network and its co-filer holding a combined 82.88% of Future Corporation's 95.3 million outstanding shares, unchanged from the 82.88% level recorded in the group's prior filing.
The mechanics behind that stake matter as much as the headline number. The co-filer, who is both Keywest Network's representative director and a serving officer of Future Corporation, split his own 11,117,400 shares under a July 29 agreement: half went into the tender offer, half stayed out of it. On September 11 he transferred the untendered 5,558,700 shares (5.83% of the company) into a trust with Keywest Network as trustee, handing Keywest Network the voting rights while he retains a right to unwind the arrangement during his lifetime. The same filing discloses that Keywest Network itself converted from a limited liability company into a joint-stock company as part of the transaction.
The buyout is heavily debt-financed. Keywest Network's total funding for the shares it paid cash for came to ¥113.3bn, of which only ¥3.9bn was its own money.
| Funding source | Amount |
|---|---|
| Keywest Network's own funds | ¥3.9bn |
| Sumitomo Mitsui Banking Corporation (Shimbashi corporate banking) | ¥106.0bn |
| Sumitomo Mitsui Banking Corporation (Gotanda branch) | ¥2.0bn |
| Loan from the co-filer personally | ¥1.4bn |
| Total cash funding | ¥113.3bn |
The biggest single piece is a ¥106.0bn loan from Sumitomo Mitsui Banking Corporation's Shimbashi corporate banking unit, secured against every Future Corporation share Keywest Network holds, including the shares now sitting in the co-filer's trust. A separate ¥2.0bn came from the bank's Gotanda branch, and the co-filer personally lent the vehicle a further ¥1.4bn. Additional shares beyond the cash-funded total arrived through an absorption-type merger and a stock split, which is why the reported holding exceeds what the cash figures alone would buy.
What happens next is not yet decided in law, only in intent. Keywest Network says it will ask Future Corporation to call an extraordinary shareholders' meeting between late November and early December 2026 to approve a share consolidation under Article 180 of the Companies Act and to scrap the company's unit-share rules, the standard route to squeezing out remaining minority holders and delisting from the Tokyo Stock Exchange. Any shareholder left with a fractional stake after the consolidation would be cashed out through a court-supervised sale, calculated so the payout matches what they would have received had they tendered at ¥2,451 a share. Until that meeting is convened and the vote held, Future Corporation remains a listed company with a controlling shareholder holding 82.88% of its stock rather than all of it.