Twin Bird's board has formally opposed Japanet Holdings' planned tender offer of ¥800 per share, filing a notice of opposition via TDnet. The offer had been structured with a condition precedent requiring a favorable opinion from Twin Bird's own board before it could proceed, and Japanet has said it will withdraw the offer if no such opinion is given by October 30, 2026.
In its opposition materials, Twin Bird disclosed that its mass-retail channel makes up about one-third of total revenue, or roughly ¥3.33bn in forecast sales for the year ending February 2027. The board estimated that a Japanet takeover could put approximately ¥2.3bn of that channel at risk within a single year, with cumulative risk reaching ¥8.7bn over the company's five-year mid-term plan. The board also pointed to Japanet's synergy case as resting largely on a private-label pitch that has not been substantiated in the offer materials.
| Feature | Detail |
|---|---|
| Offer price | ¥800 per share |
| Share minimum / maximum | 7,270,800 shares minimum; no maximum |
| Offer period | 30 business days, expected to start late October 2026 |
| Tender agent | Mizuho Securities |
| Condition precedent | Twin Bird's board must issue a favorable opinion |
| Withdrawal trigger | Japanet withdraws if opposed or no opinion is given by October 30, 2026 |
| Metric | Figure |
|---|---|
| Mass-retail channel sales (year to Feb 2027, forecast) | ¥3.33bn |
| Sales at risk if retailers cut ties | ¥2.3bn |
| Cumulative risk over the five-year plan | ¥8.7bn |
| Share of total revenue from mass-retail channel | About one-third |