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Tokyo Brief東 京 ブ リ ー フJapan's day, wrapped and delivered by morning.

Japan M&A and Deals

Mergers, tender offers, buyouts and asset sales involving Japanese companies, in English.

  1. Digital Garage agrees to skip Kakaku.com's ¥3,700 tender and sell its 20.64% back later

    Digital Garage has agreed with Kamgras 1 not to tender its 20.64% of Kakaku.com at ¥3,700 a share, to back any squeeze-out, and to sell the shares to Kakaku.com afterwards, with part of the proceeds going into reinvestment.

  2. Blackstone-linked buyer wins ProjectHoldings tender at ¥2,200 a share, with 90.98% of votes

    TX1 will hold 90.98% of ProjectHoldings' voting rights when settlement starts on November 18, with SBI Holdings, the CEO and the DY fund all tendering; squeeze-out and delisting steps have yet to be announced.

  3. Kamgras 1 lifts Kakaku.com offer to ¥3,700 and extends it to Nov 26

    Kamgras 1's ¥3,700 offer for Kakaku.com now matches the rival's unconditional price but trails its ¥3,720 conditional one and the ¥3,757 KDDI threshold Kamgras cites; the offer closes Nov 26 and settles Dec 3.

  4. Baby Calendar completes ¥500mn Orange Page purchase and will consolidate

    Baby Calendar has bought all 9,910 shares of Orange Page from JR East for ¥500mn before advisory costs, and will switch to consolidated accounts with its results for the year ending December 2026.

  5. Broadmedia board backs ¥2,500 NSSK take-private bid, with AVI's 40% pledged

    AVI has agreed to tender its 40.00% stake in Broadmedia into NSSK-EPSILON1's ¥2,500 offer, but can hold back if a rival's qualifying bid tops the price by at least 4% and is not matched after AVI asks for talks.

  6. Kamgras 1 lifts Kakaku.com bid to ¥3,683 and extends it to Nov 12 as Bain-LINE Yahoo rival stays unlaunched

    Kamgras 1 added ¥1 to its Kakaku.com tender offer and extended it to Nov 12, while the Bain Capital and LINE Yahoo ¥3,700 proposal remains unlaunched and the board's support for Kamgras 1 is unchanged.

  7. Kakaku.com says Bain-linked ¥3,700 bid looks like a qualified rival offer, asks Kamgras 1 to discuss price

    Kakaku.com has asked Kamgras 1 to discuss its offer price after judging the ¥3,700-a-share Bain Capital and LINE Yahoo proposal a likely qualified competing bid, while its support for the Kamgras 1 offer stands.

  8. Pasona agrees to tender its circlace stake into Hillhouse-backed ¥2,020 take-private

    Pasona has agreed to tender all its circlace shares into HHH1's ¥2,020-a-share offer, and expects a consolidated gain of about ¥2.6bn in the year ending May 2027 if the take-private succeeds.

  9. Relo Group buys 90% of Singapore expat healthcare firm for ¥1.62bn

    Relo Group will pay ¥1.62bn for 90% of ATIV Medical, a Singapore healthcare group for Japanese expatriates, expecting referrals from its overseas-assignment business; the transfer is scheduled for October 30 and the earnings effect is under review.

  10. EnBio signs deal for NER's solar housing, EPC, O&M and overseas businesses

    EnBio Holdings has signed to take over four Next Energy & Resources solar businesses through a new subsidiary, with the transfer planned for 1 February 2027 subject to a shareholder vote, construction-law approval and customer consents.

  11. CyberBuzz to buy two Kumamoto hometown-tax businesses, with an earnout on top

    CyberBuzz will pay ¥471.3mn and ¥28.7mn in base prices for two Kumamoto companies, plus about ¥80mn in advisory costs and an earnout capped at half of each company's EBITDA; its forecast update is due 12 November.

  12. Eole to issue 3.44mn new shares for AI-server seller WOODMAN

    Eole will issue 3,436,428 new shares, 7.97% of its existing stock, to take over AI-server seller WOODMAN, with its shareholder vote planned for 27 November and the exchange effective on 30 November.

  13. Kamgras lifts Kakaku.com tender offer by ¥1 to ¥3,682 and extends it to October 28

    Kamgras 1 K.K. raised its Kakaku.com tender offer to ¥3,682 a share, extended it to October 28 and moved settlement to November 5, while saying talks with Oasis have produced no decision.

  14. Booking Resort signs ¥173mn deal for operator of Aso pet-friendly hot-spring inn

    Booking Resort signed a deal to take 100% of the company running a pet-friendly hot-spring inn in Aso for ¥147mn, or ¥173mn with advisory costs, paid in cash with transfer scheduled for November 2.

  15. Edelman agrees to buy WPP's 21.03% stake in PRAP Japan for ¥1.27bn

    Daniel J. Edelman will buy WPP's entire 935,800-share holding in PRAP Japan at ¥1,358.64 a share, or ¥1.27bn, and become the largest shareholder with 21.03% of votes once the trade settles on 30 October.

  16. ALSOK to hold 51.2% of voting rights in the merged NDC through Carlyle vehicle

    ALSOK has decided to carry out a merger through its Carlyle-backed vehicle that would lift its voting rights in the surviving company from 28.0% to 51.2%, with the merger planned to take effect on 1 January 2027.

  17. Fitcrew's board approves ¥456mn purchase of five VALX gyms

    Fitcrew's board approved a ¥456mn cash purchase of five VALX GYM sites, planned to complete on November 1, while VALX's planned purchase of Fitcrew shares has no set size or timing.

  18. Kakaku.com Bidder Adds ¥1 to Its Offer and Extends the Tender to October 14

    Kamgras raised its Kakaku.com offer to ¥3,681 a share from ¥3,680 and extended the tender to October 14, saying a rival's ¥3,597 notice cannot be completed while its own offer runs.

  19. Amvis to Sell 47 Western Japan Hospice Homes to NSSK-Backed Buyer for ¥17.4bn

    Amvis Holdings is splitting off 47 western Japan hospice homes and has agreed to sell them to an NSSK-backed buyer for a combined ¥17.4bn, refocusing its remaining hospice network on high-acuity, end-of-life patients around Tokyo and eastern Japan.

  20. Blackstone Vehicle Offers ¥2,200 a Share to Take Project Holdings Private

    A Blackstone-affiliated TechnoPro vehicle, TX1 Kabushiki Kaisha, wants to take Project Holdings private at ¥2,200 a share, a price it raised twice after the target's independent committee rejected two lower offers, and investors holding almost 60% of the stock have already agreed to sell.

  21. Septeni Board Approves ¥10.84bn Deal to Buy HR-Tech Firm Media House Holdings

    Septeni Holdings' board approved a planned ¥10.84bn purchase of recruitment-support firm Media House Holdings, aiming for full ownership once two-thirds of shares are gathered, with a squeeze-out covering any holdouts.

  22. GMO Commerce to Buy Two Sibling Marketing Firms for ¥3.6bn, but Profit Barely Moves

    Buying two sibling marketing companies for ¥3.61bn has pushed GMO Commerce's sales guidance up 68.5%, but goodwill amortisation and new borrowing costs mean forecast net profit rises only 2.8%, even as a fixed payout formula still points to a higher dividend forecast.

  23. Bain's Revised Kakaku.com Bid Still Trails Its Rival Unless KDDI Signs Off

    Bain Capital and LINE Yahoo's revised ¥3,597 tender offer for Kakaku.com shares remains below the rival Kamgras 1 bid of ¥3,680, and only a non-tender agreement with KDDI, which would lift the price to ¥3,720, could change that before Kakaku.com's board and special committee decide which offer to back.

  24. Baby Calendar to Buy Orange Page From JR East for ¥507mn, After a ¥2bn Dividend Strips the Cash First

    Baby Calendar has agreed to pay ¥507mn for Orange Page's publisher, but only after JR East pulls out a roughly ¥2bn dividend, a sequencing the buyer says set the price and left a still-loss-making magazine business to absorb.