SBINM GK, the SBI Holdings vehicle bidding for BASE, has extended its tender offer a second time, to October 21, and left the ¥340 per-share price and the share cap unchanged. The change follows a notice that a major BASE shareholder would resume buying with the aim of holding more than 30% of the company.
The new deadline adds four business days to the October 15 date SBI set when it extended the offer on September 30, for a total of 34 business days. Settlement moves from October 22 to October 28.
| Term | Before | After |
|---|---|---|
| Offer ends | October 15, 2026 (30 business days) | October 21, 2026 (34 business days) |
| Settlement starts | October 22, 2026 | October 28, 2026 |
| Price per share | ¥340 | ¥340 |
| Share cap / post-offer holding | 23,792,300 shares / 20.67% | 23,792,300 shares / 20.67% |
The shareholder's message
According to SBINM's amended tender offer statement, BASE told the bidder on October 1 that the shareholder's agent had said he would resume buying BASE shares from October 2, aiming for a holding above 30%.
The agent said the shareholder had held off trading during the offer period before the September extension. He added that he could not go along with the wishes of BASE's executive side, which in his view had not seriously considered the disadvantage of restricted share trading tied to a possible management-support arrangement. He said resuming purchases would not harm SBI Holdings and would instead serve ordinary shareholders. BASE says its own view differs.
The filing lists the buying period as October 2 onward and gives the price and number of shares as unknown. It does not state the shareholder's current stake. The 30% figure is a stated aim, not a reported holding.
What SBI is offering
The offer is capped at 23,792,300 shares, which would give SBINM a 20.67% holding after purchase, and it carries no minimum. SBINM calculates that ratio on 1,151,009 voting rights as of June 30, because BASE's current total is not known. The stated purpose is to make BASE an equity-method affiliate. SBINM says the offer is not meant to take BASE private.
BASE's board still supports the offer and still leaves the decision to tender to shareholders. BASE said its opinion is unchanged.
Fairness language
SBINM now describes its 34-business-day period as longer than the 20-business-day legal minimum. It says it does not block competing offers and does not think the longer period, together with its other measures, undermines their effectiveness. The filings name no rival bidder.