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Japan M&A and Deals (Page 4)

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

  1. eSOL tender offer clears its floor, but BCJ-110's 64.70% stake waits on October 26 settlement

    BCJ-110 drew 12,759,681 eSOL shares against a 10,535,800-share floor, enough for 64.70% of voting rights once payment settles on October 26; delisting steps and timing are yet to be announced.

  2. Mitsubishi Electric agrees to sell 51% of its power distribution equipment business to ABB for ¥82.4bn

    Mitsubishi Electric will keep 49% of its distribution and control equipment business after a planned ¥82.4bn sale of 51% to ABB's Japanese unit, with completion targeted for October 2027 pending antitrust and other approvals.

  3. Kinki Sharyo resolves to sell New Jersey plant for $26mn

    Kinki Sharyo's board has resolved to sell its Piscataway plant in New Jersey for $26mn, with handover set for October 26 and a gain of about ¥2.4bn expected this fiscal year, though forecast revisions remain possible.

  4. Daiwa House REIT to sell two logistics assets for ¥15.83bn, one to its sponsor

    Daiwa House REIT expects a ¥4.19bn gain from selling two logistics facilities, one to the parent of its asset manager, and plans to split the larger sale across two periods to smooth distributions.

  5. RenetJapanGroup plans ¥2.15bn share placement, with up to ¥3.34bn more in warrants

    RenetJapanGroup will take ¥2.15bn from share sales to JX Metals CS, SG Holdings and PCS Wireless, while up to ¥3.34bn more depends on PCS affiliates exercising warrants that would lift dilution to 37.92%.

  6. Dai-ichi Life confirms non-binding proposal to Challenger, but no binding deal decided

    Dai-ichi Life Group confirmed that its Australian subsidiary, TAL Daiichi Life Australia, submitted a non-binding proposal to Challenger's board, and said it has decided nothing on a legally binding transaction.

  7. Mitsubishi Electric agrees to sell half its auto unit to Hon Hai's investment arm, with a ¥100bn impairment due

    Mitsubishi Electric has agreed to sell 50% of its auto-equipment subsidiary to Hon Hai's investment arm for ¥115bn, with closing planned for October 2027 and a ¥100bn impairment expected in the year to March 2027.

  8. Kanematsu closes IDAJ deal at ¥49.8bn, ¥0.6bn below first estimate

    Kanematsu Electronics now owns all of IDAJ and its subsidiaries at a final cost of ¥49.8bn including advisory fees, below the ¥50.4bn first estimate, with a minor expected effect on current-period earnings.

  9. Japan Prime Realty agrees ¥32.8bn purchase of Otemachi tower stakes from its sponsor

    Japan Prime Realty has contracted to buy 22.5% of the building portion of two Otemachi towers from its sponsor for ¥32.8bn at a 3.3% NOI yield, betting on rent resets as fixed-term leases are renewed.

  10. 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.

  11. AFC-HD to take Saikaya private at 0.3 shares each, pending a November vote

    Saikaya shareholders vote on November 16 on swapping each share for 0.3 AFC-HD share, with delisting planned for December 11 and the exchange effective December 15, subject to change.

  12. SHIFT plans to run ¥15bn Tokyo Gas-backed fund for software deals

    SHIFT's subsidiary is to be sole general partner of a planned ¥15bn software-investment fund with Tokyo Gas, holding all execution authority while SHIFT and the subsidiary together plan to supply 33.3% of the capital.

  13. Photosynth to pay ¥560mn for gym chain it wants as a lab for unmanned stores

    Photosynth plans to buy GOODLIFE and GDS for ¥560mn, all bank-funded, then merge them on 1 December 2026, using their owned stores to test staff-light operation. The hoped-for savings are goals, not results.

  14. Lifenet Insurance agrees to buy Nagoya micro-insurer, price undisclosed

    Lifenet Insurance has signed a conditional deal to buy Kizuna and enter small-amount short-term insurance, with about ¥390mn of total spending including systems; the purchase price is undisclosed, and closing is planned for April 2027.

  15. 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.

  16. BCPE Neon Cayman takes majority control of Baudroie as buyout settles

    BCPE Neon Cayman passed 50% of Baudroie's voting rights on October 13 when its tender offer settled and it bought shares from three founders, two of whom no longer count as major shareholders.

  17. Daito, Meiji Seika Pharma and DBJ line up vehicle to take over Kyorin's generics unit

    Daito, Meiji Seika Pharma and the Development Bank of Japan plan a joint company to take over Kyorin Pharmaceutical's generic business, with the absorption split set for March 31, 2027 and closing on April 1.

  18. Create Restaurants to sell Hong Kong subsidiary for HK$1

    Create Restaurants Holdings will transfer all shares of its Hong Kong subsidiary, set up in 2012, to a franchise partner for HK$1 on October 29; the company calls the effect on current-year results minor.

  19. Sugi takes control of affiliated drugstore chain years ahead of its 2030 plan

    Sugi Holdings raised its voting stake in an affiliated drugstore and pharmacy operator from 49.0% to 51.0% on 1 September, consolidating it as a subsidiary years before the June 2030 purchase it had first planned.

  20. Luxshare's ¥795 offer for Seed succeeds, but delisting still needs a second step

    Holders tendered 13.1mn shares, enough to complete Luxshare's ¥795 offer for Seed, but the bidder will hold 43.29% of the votes after October 20 settlement and still plans a squeeze-out and delisting.

  21. 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.

  22. World and TSI plan a March 2027 merger under Infinity United at a 1-to-0.8 ratio

    Each World share would convert into one Infinity United share and each TSI Holdings share into 0.8, a ratio just above the 0.77 to 0.78 market-price range, if both sets of shareholders approve at meetings planned for 24 December.

  23. Katitas bids ¥2,000 a share for Toubujyuhan, with 45% of the register pledged

    Katitas's ¥2,000-a-share cash offer for Toubujyuhan has the board's backing and pledges from holders of 45.01%; if it succeeds, the company pays no year-end dividend and ends its shareholder benefit scheme.

  24. Gakken confirms it has opened a sale process for a group company's shares, nothing decided

    Gakken Holdings confirmed it has started a bidding process aimed at selling its shares in a group company under its portfolio restructuring review, but says no decision has been made and discloses no buyer or price.

Japan M&A and Deals (Page 4) | Tokyo Brief