Terra Co., Ltd. has raised its tender offer for Satsudora Holdings from ¥1,220 to ¥1,260 per share, a revision filed with the Kanto Local Finance Bureau on July 17, 2026 as an amendment to the tender offer registration statement it submitted on June 22. The Sapporo-based drugstore chain, listed on the Tokyo Stock Exchange's Standard market and the Sapporo Securities Exchange under code 3544, is the target of a management buyout aimed at taking it private.
The price increase followed commitments Terra received on July 10 from four shareholders who together control 24.91% of Satsudora's stock, equal to 3,433,300 shares. Two are individual investors, Seiji Hirooka and Maki Yonehara, who hold 6.63% and 6.04% of the company respectively. The other two are an investment firm holding 8.64% and Aozora Shoji Co., Ltd., which holds 3.60%.
| Shareholder | Shares Held | Stake |
|---|---|---|
| Seiji Hirooka | 914,300 | 6.63% |
| Maki Yonehara | 831,800 | 6.04% |
| Investment firm (name unclear in translation) | 1,191,000 | 8.64% |
| Aozora Shoji Co., Ltd. | 496,200 | 3.60% |
All four pledged to tender their full holdings at the revised price and not to withdraw once the purchase settles. Satsudora's board, which had recommended the original ¥1,220 offer on June 19, met again on July 17 and voted to keep backing the bid at the new price, citing the special committee's updated view that ¥1,260 remains fair to shareholders.
Terra also adjusted the price it plans to pay in a related share buyback tied to the post-tender squeeze-out, lifting that figure from ¥1,011 to ¥1,037 per share to keep after-tax proceeds in line with the higher offer.
The tender offer still runs from June 22 to August 3, 2026, a 30-business-day window, and the minimum acceptance threshold is unchanged at 4,165,800 shares. The four pledging shareholders' combined stake does not by itself clear that floor, so completion still depends on how the rest of Satsudora's shareholder base responds to the higher price.