Medipal Holdings Corporation has finished the bulk of a takeover of PALTAC Corporation (TSE: 8283), lifting its stake from 51.38% to 90.84% after a tender offer that closed on July 7, 2026. The change is laid out in a large-shareholding report filed with the Kanto Local Finance Bureau on July 10, and it sets up a squeeze-out that would take PALTAC fully private.
The mechanics: Medipal bought 24,466,104 PALTAC shares, or 39.46% of the company, off-market on July 7 at ¥6,650 apiece. That purchase pushed its total holding to 56,319,589 shares out of PALTAC's 62,000,000 shares outstanding. The entire ¥162.7bn cost was borrowed, and the lender named in the filing's borrowings breakdown is Mizuho Bank.
| Metric | Value |
|---|---|
| Stake before tender offer | 51.38% |
| Stake after tender offer | 90.84% |
| Shares acquired in tender offer | 24,466,104 (39.46%) |
| Tender offer price per share | ¥6,650 |
| Total acquisition funding | ¥162.7bn, borrowed from Mizuho Bank |
| Tender offer period | May 12, 2026 to July 7, 2026 |
| Settlement start date | July 14, 2026 |
Crossing the 90% line matters under Japanese company law. Medipal now qualifies as a "specially controlling shareholder" under Article 179 of the Companies Act, and the filing states that once settlement of the tender offer is complete, Medipal intends to demand that every remaining PALTAC shareholder sell their shares to it, at the same ¥6,650 price used in the tender offer. Settlement of the tender offer itself begins July 14, 2026. The filing's stated trigger for the report is twofold: the holding ratio rose by more than one percentage point, and Medipal's purpose for holding the stake changed.
On motive, the filing says Medipal wants PALTAC grouped into the company because PALTAC's customer base overlaps with that of a wholly owned Medipal subsidiary that runs a pharmaceutical wholesale business, and combining them is meant to raise group value.
What is still open is timing on the final step. The filing commits Medipal to move "promptly" once the July 14 settlement clears, but does not fix a date for when the share-sale demand itself will close. Any PALTAC shareholder still holding stock after settlement is looking at a fixed exit price of ¥6,650, on a schedule Medipal has yet to nail down publicly.