Medipal Holdings has finished what a tender offer started. An amended large-shareholding report filed with Japan's Kanto Local Finance Bureau shows the drug wholesaler's stake in PALTAC CORPORATION (TSE: 8283) rising to 97.79%, up from 90.84% before the offer.
The increase followed a tender offer that ran from May 12 to July 7, 2026, and succeeded on that closing date, with settlement beginning July 14. Crossing the 90% threshold makes Medipal a "specially controlling shareholder" under Japan's Companies Act, and on July 15 it used that status to demand that every remaining PALTAC shareholder sell their shares to it. PALTAC approved the demand the same day.
The price is fixed at ¥6,650 per share, matching what Medipal paid in the tender offer. Medipal expects to complete the buyout and take full ownership of PALTAC on August 13, 2026, a step that will trigger the stock's delisting.
| Date | Shares Acquired | Share of Outstanding Stock | Price per Share |
|---|---|---|---|
| July 7, 2026 | 24,466,104 | 39.46% | ¥6,650 |
| July 15, 2026 | 4,311,235 | 6.95% | ¥6,650 |
The filing breaks out the money behind the deal: total funding of ¥191.37bn, made up of ¥162.70bn borrowed from Mizuho Bank and ¥28.67bn of Medipal's own funds. Medipal's stated rationale is to group PALTAC in as a subsidiary because it shares customers with a wholly owned Medipal subsidiary in the pharmaceutical wholesale business, and Medipal says doing so will raise the group's overall corporate value. The filing also notes that Medipal has separately been pursuing what Japanese disclosure rules call an "important proposal act" aimed at making PALTAC a wholly owned subsidiary.
A few things the filing does not spell out: PALTAC's own line of business is not described anywhere in this document, which only carries Medipal's business description. Nor does the filing say whether PALTAC's approval of the cash-out demand came from its board or detail any public notice procedure, or state what Medipal's stated purpose for holding PALTAC shares was before this change. What is clear is the mechanics and the deadline: minority holders have until August 13 before their shares convert to cash at a fixed price, and PALTAC's run as a listed company then ends.