Medipal Holdings has finished buying its way to full control of PALTAC, the cosmetics and daily-sundries wholesaler it already ran as a listed subsidiary. A tender offer that closed on July 7, 2026 pulled in far more stock than the parent company needed, and the two sides confirmed the result the next day.
Medipal offered ¥6,650 per share and set a minimum acceptance threshold of 8,676,100 shares. Investors tendered 24,466,104 shares, almost three times that floor, so Medipal is buying every share offered.
| Metric | Detail |
|---|---|
| Offer price | ¥6,650 per share |
| Offer period | May 12 to July 7, 2026 |
| Minimum tender threshold | 8,676,100 shares |
| Shares tendered and purchased | 24,466,104 shares |
| Ownership before offer | 52.40% (318,534 voting rights) |
| Ownership after offer | 92.64% (563,195 of 607,466 voting rights) |
| Settlement start date | July 14, 2026 |
The deal moves Medipal's voting-rights stake in PALTAC from 52.40% before the offer to 92.64% afterward, or 563,195 of the target's 607,466 voting rights. Medipal had already run PALTAC as a majority-owned, separately listed subsidiary; crossing 90% now lets it start squeeze-out procedures under Japanese company law to buy out the remaining minority holders entirely.
Once that process runs its course, PALTAC shares will come off the Tokyo Stock Exchange's Prime Market under the exchange's delisting rules, and investors will no longer be able to trade them there. Settlement for the tendered shares begins July 14, 2026 through Nomura Securities, which ran the payout mechanics for the offer.
What the companies have not yet spelled out is the exact form or timetable of the squeeze-out itself, or the date PALTAC stock actually disappears from the Prime Market. Both filings say only that the process will proceed according to the policy Medipal outlined when it launched the tender offer on May 11, 2026, with further updates promised once decisions are made. For now, PALTAC becomes another entry in the growing list of Japanese parent-subsidiary listings being unwound, this time in the wholesale distribution of the cosmetics and daily goods that stock convenience-store and drugstore shelves.