Luxshare Precision Cayman Limited can now buy shares in Seed, a Tokyo Stock Exchange Standard Market precision-instruments maker, after Japan's Ministry of Finance and the ministry overseeing Seed's business shortened the waiting period under the Foreign Exchange and Foreign Trade Act on September 3, 2026. The clearance, recorded as permit JD953, let the bidder start acquiring Seed's common stock from September 4. Seed disclosed on September 7 that Luxshare Precision Cayman had filed an amendment to its August 27 tender offer registration statement with the Kanto Local Finance Bureau to reflect the cleared review, and the company states plainly that the correction is not a change in the offer's purchase terms under Article 27-3(2)(1) of Japan's Financial Instruments and Exchange Act.
What moved is the offer's withdrawal-condition language, not its economics. The amended documents drop the reference to the specific rule that let the bidder walk away if the foreign-investment waiting period was extended further or if regulators recommended changing or canceling the deal; that risk has now passed. The removal matters because the review had not gone smoothly. Seed's would-be acquirer group had already filed and withdrawn foreign-investment notifications twice: an initial filing by the bidder's parent in August 2025 was pulled the following month after the ministry overseeing Seed's business said it could not finish its review within the statutory window, and a second filing by Luxshare Precision Cayman in December 2025, after three separate extensions pushed the deadline into April 2026, was withdrawn again in March for the same reason. The bidder refiled on August 26, 2026, this time under conditions agreed with the relevant authorities, and that filing was accepted the same day before the waiting period was shortened a week later.
| Item | Detail |
|---|---|
| Voting rights sought | 154,973 (51.20% of Seed's 302,411 total voting rights) |
| Target ownership after offer | 100% of voting rights |
| FEFTA waiting period shortened | September 3, 2026 (permit JD953) |
| Share purchases permitted from | September 4, 2026 |
| Withdrawal trigger removed | FEFTA-approval clause under Order Article 14(1) item 4 |
| Withdrawal trigger retained | Dividend or buyback of 10%+ of net assets (¥1,929,572 thousand) |
Other guardrails in the offer are untouched. Luxshare Precision Cayman can still withdraw if Seed's board decides on a dividend or share buyback, with a record date before the deal's settlement begins, worth 10% or more of Seed's net asset book value, a threshold the filing pegs at ¥1,929,572 thousand. The remaining statutory withdrawal grounds under Japan's tender offer rules, and the method for announcing any withdrawal (an electronic notice followed by publication in the Nikkei), also carry over unchanged.
The offer itself seeks 154,973 voting rights, equal to 51.20% of Seed's 302,411 total voting rights, with Luxshare Precision Cayman targeting full ownership of the company once the tender offer closes. With the foreign-investment hurdle cleared, the offer's other withdrawal grounds carry over unchanged, including the dividend and buyback trigger tied to Seed's own board decisions and the broader statutory conditions retained from the original August filing.