SBINM, the wholly owned SBI Holdings vehicle bidding for BASE, has extended its tender offer to October 15, making it 30 business days in total. The offer was due to close on September 30, the day the change was announced. The price stays at ¥340 a share, and BASE's board still supports the bid while leaving the decision to tender to shareholders, according to BASE's amendment notice dated September 30.
This follows the terms Tokyo Brief set out at launch. The new information is about timing, and the notice is specific on it.
What changed
The offer period now runs from August 31 to October 15 instead of ending September 30. Settlement of the offer will start on October 22.
The stated reason is shareholder behaviour. BASE says the bidder weighed how its shareholders had tendered since the launch and the outlook for further tendering, and concluded that shareholders should get "a further opportunity" to decide. The notice gives no tender figures.
| Term | Before | After |
|---|---|---|
| Offer period | August 31 to September 30, 2026 (20 business days) | August 31 to October 15, 2026 (30 business days) |
| Price per share | ¥340 | ¥340 |
| Maximum shares sought | 23,792,300 (20.67% after offer) | 23,792,300 (20.67% after offer) |
| Minimum shares sought | None | None |
What did not change
The price is unchanged at ¥340 a share. The bidder's ceiling is 23,792,300 shares, which would bring its holding to 20.67% after the offer. The offer has no minimum purchase level. The stated aim is to make BASE an equity-method affiliate, not to take the company private, so this is not a full buyout.
The 20.67% ratio is calculated on 1,151,009 voting rights recorded as of June 30, 2026 in BASE's half-year report. BASE's notice says the current voting-rights total is not known, because the number of sub-unit shares as of the notice date has not been determined.
As of September 30, BASE says, the bidder has no plan to change any purchase condition other than the offer period.
The fairness argument
The bidder first set the offer period at 20 business days, the legal minimum. BASE's original notice argued that this did not undermine the fairness safeguards, because the terms do not block competing bids and the offer is not aimed at taking BASE private. The amended text keeps that reasoning and adds the move to 30 business days.
For holders, the practical point is simple: the deadline has moved by two weeks, the money on offer has not, and the choice remains theirs.