Japan Property Management Center (JPMC), the Tokyo-listed apartment-leasing manager known for its sublease business, will pay no dividend for the year to December 2026. The board scrapped a planned ¥64 payout, split evenly between an interim and a year-end dividend, on the same day it endorsed a tender offer designed to take the company private.
Two vehicles, named Amsterdam1 and Amsterdam2 in the disclosure, both incorporated in July 2026 and ultimately controlled by funds tied to Sunrise Capital, are offering ¥2,250 for each JPMC share. The bid runs from August 4 to September 15, 2026, with settlement due September 25. The buyers have set a minimum acceptance threshold of 6,707,800 shares, 40.16% of the float, but no ceiling: if enough stock turns up, they intend to buy all of it and delist the company from the Tokyo Stock Exchange's Prime Market.
| Feature | Detail |
|---|---|
| Offer price | ¥2,250 per share |
| Offer period | August 4 to September 15, 2026 (30 business days) |
| Minimum shares sought | 6,707,800 shares (40.16% of float); no maximum |
| Settlement date | September 25, 2026 |
| Financing | Up to ¥15.27bn equity from Sunrise-linked parents; up to ¥17bn debt from Mizuho Bank |
| Revised dividend forecast | ¥0 per share (previously ¥64: ¥32 interim, ¥32 year-end) |
The offer carries a 23.49% premium to JPMC's share price the day before terms were agreed, and steeper premiums of 58.01% and 63.52% over the three- and six-month average prices. JPMC's independent special committee took roughly a month and six rounds of counter-proposals, starting from an initial ¥1,850 offer in early July, before settling on ¥2,250. The deal also has to clear a