Stake crosses 96%
Ursa 4 Co., Ltd., the vehicle behind J.S.B.'s move to go private, disclosed on August 18 that its stake in the Tokyo Stock Exchange Prime-listed company rose to 96.40% as of August 11, 2026, up from 89.63% in the prior report. It is the second amendment Ursa 4 has filed on the holding. The increase followed a tender offer that ran June 15 to July 27 and settled on August 3, plus fresh off-market purchases: 19,698,731 shares (89.38% of the total) and second-series stock acquisition rights equivalent to 38,800 shares on July 27, then another 1,489,145 shares and second-series stock acquisition rights equivalent to 18,000 shares on August 11. Every share changed hands at ¥9,000; the filing states a price of ¥1,735,000 per stock acquisition right.
Squeeze-out timetable
As a special controlling shareholder under Article 179, Paragraph 1 of the Companies Act, Ursa 4 decided on August 7 to demand that every other J.S.B. shareholder sell their shares and every other warrant holder sell their warrants. Ursa 4 notified J.S.B. of the demand on August 10; the company approved it the same day and made the decision public on August 11. Ursa 4 expects to complete the acquisition of all remaining shares and warrants, excluding its own holdings and J.S.B.'s treasury stock, on September 4, 2026.
How the buyout is funded
The total acquisition cost comes to ¥191.18bn, split between ¥128.18bn of Ursa 4's own funds and a ¥63bn loan from Mitsubishi UFJ Bank.
| Funding source | Amount |
|---|---|
| Own funds | ¥128.18bn |
| Bank borrowing (Mitsubishi UFJ Bank) | ¥63.00bn |
| Total acquisition funds | ¥191.18bn |
Every J.S.B. share Ursa 4 has acquired now sits as collateral under a share-pledge agreement signed July 28 with Mitsubishi UFJ Bank and Aozora Bank.
The filing is limited to what Ursa 4 disclosed under Japan's large-shareholding rules. It does not address whether or when J.S.B. will be delisted from the Tokyo Stock Exchange.