Toho Holdings has decided to end its examination of a possible acquisition of PHC Holdings, and neither company disclosed terms or a reason. Toho, the TSE Prime-listed wholesaler (code 8129), said on October 9, 2026 that it had been examining the acquisition as one of several measures to realise its growth strategy and had now decided to end that examination.
PHC Holdings (code 6523) gave the other side of the account in its own October 9 notice. It said it had received a non-legally-binding initial proposal from Toho to acquire its shares, and that Toho informed it that day that it would end the examination.
Both companies had addressed the matter once before. Toho's notice refers back to its October 1, 2026 announcement on a press report, and PHC's refers to its own October 1 notice on the same report.
Toho's notice does not give a price, a structure or a reason for stopping. It says only that the company will keep pursuing the targets in its medium-term management plan and work to raise corporate value over the medium to long term. PHC said that regardless of the outcome it will keep working to raise corporate value and maximise shareholder value.