JPMC (Japan Property Management Center Co.,Ltd., TSE Prime code 3276) will put a squeeze-out to shareholders at an extraordinary meeting on November 27, 2026, at 10am. Its board resolved on October 27 to ask holders to approve a consolidation of 726,050 shares into one, plus a related articles amendment that abolishes the unit share number. The vote follows the management buyout tender offer. Earlier Tokyo Brief coverage
How minority holders are paid
Holders other than the two bidders, Amsterdam1 and Amsterdam2, and the two designated remaining shareholders (the chief executive's wholly owned asset company and Hikari Tsushin Investments Okinawa) would be left with less than one share. The fractions would be sold with court permission, and holders would receive money based on ¥2,270 per share, the tender offer price, multiplied by their holdings on the register of January 3, 2027. JPMC says the actual amount could differ if the court refuses permission or a rounding adjustment is needed.
The bidders plan to fund the purchase with equity from their parent companies and borrowing from Mizuho Bank, according to the notice.
| Step | Planned timing |
|---|---|
| Extraordinary shareholders meeting | November 27, 2026 |
| Designated as a security to be delisted | November 27 to December 28, 2026 |
| TSE Prime delisting | December 29, 2026 |
| Treasury-share cancellation (992,448 shares) | December 30, 2026 |
| Share consolidation effective | January 4, 2027 |
| Court petition for fractional-share sale | Mid-January 2027 |
| Sale of fractional shares | Mid-February 2027 |
| Cash paid to shareholders | Mid-April 2027 |
Cancellation and delisting
The treasury-share cancellation announced the same day covers 992,448 shares, or 5.60% of issued shares and all treasury stock held on October 14. It is set for December 30 and is conditional on shareholders approving the consolidation. That leaves 16,733,152 shares before the consolidation, which would cut the total to 23.
What the vote faces
The bidders hold 4,528,768 shares each (27.05% apiece). With the holders that agreed not to tender, they hold 15,117,436 shares, or 90.30%.
JPMC says it did not obtain a fresh fairness opinion on the raised ¥2,270 price: the opinion the special committee obtained from its independent valuer covered the earlier ¥2,250. The tender had no majority-of-the-minority condition.