Price up, deal smaller
Amsterdam1 and Amsterdam2, the bidders taking Japan Property Management Center (JPMC) private, raised their tender price to ¥2,270 a share from ¥2,250 on September 14. They simultaneously cut the shares they plan to buy to 10,644,725 (63.72% of the reference count) from 12,303,225 (73.65%), and lowered the acceptance minimum to 5,049,300 shares (30.23%) from 6,707,800 (40.16%). The offer, due to close September 15, now runs to October 5 (41 business days total), with settlement pushed to October 13 from September 25.
| Term | Original | Revised |
|---|---|---|
| Offer price per share | ¥2,250 | ¥2,270 |
| Planned purchase (shares / % of base) | 12,303,225 (73.65%) | 10,644,725 (63.72%) |
| Minimum acceptance threshold | 6,707,800 (40.16%) | 5,049,300 (30.23%) |
| Offer period end | Sept 15, 2026 | Oct 5, 2026 |
| Settlement start | Sept 25, 2026 | Oct 13, 2026 |
Why: a Hikari Tsushin carve-out
The revision followed a September 14 deal with Hikari Tsushin KK Investment Partnership, UH Partners 2 and Hikari Tsushin Inc., holders of 1,658,500 JPMC shares (9.93%). Instead of tendering, the group agreed to sit out entirely. Of that stake, 1,452,100 shares (8.69%) will pass in kind to an affiliate, HIKARI TSUSHIN INVESTMENTS OKINAWA, which will later sell them to JPMC as treasury stock at ¥2,061 a share once a planned share consolidation clears. The structure is designed to secure a tax benefit on deemed dividends for the recipient while funding the higher tender price for remaining holders.
Muto's side deal moves too
A separate, earlier non-tender agreement with chief executive Hideaki Muto's holding company, Muto Enterprise 2 (26.35%, JPMC's largest shareholder), stands, but its planned treasury buyback price rose in step, to ¥1,872 a share from ¥1,860. Muto personally, holding 3.15%, is still tendering most of his stake and plans to reinvest for a 5% stake in the bidders' parent companies afterward.
Next steps
JPMC's board voted the same day to keep backing the offer and its tender recommendation despite the changed terms. Amended filings went to regulators on September 15, with the squeeze-out via share consolidation still targeted for completion in early 2027.