#MBO

On April 15, 2026, a stock consolidation will be implemented consolidating 27,814,216 shares into one share and the designation of the number of shares per unit will be abolished, reducing the total number of issued shares to 2 shares. Accordingly, delisting from the Tokyo Stock Exchange Prime Market and Nagoya Stock Exchange Premier Market is scheduled on April 13, 2026.

Itochu Corporation and FMDI LLC have commenced a tender offer for shares of Itochu Food Co., Ltd. at 13,000 yen per share. The maximum number of shares to be purchased is 6,030,793, with a purchase price of approximately 784 billion yen. The offer will start on February 26, 2026, and end on April 9, 2026.

R1 Inc. raised the tender offer price for Raksul Inc. from 1,710 yen per share to 1,900 yen, an 11.1% increase, and extended the tender offer period until March 9, 2026.

The tender offer price has been raised to 3,105 yen, and the tender offer period extended until February 25, 2026. The offeror plans to increase investment from 61 billion yen to 89 billion yen and has resolved to support the MBO and recommend tendering.

The tender offer price was revised for the third time to 3,105 yen per share, and on February 9, 2026, the Board of Directors resolved that the tender offeror's proposal was superior to KKR's proposal and recommended shareholders to participate.

The tender offer price was raised from 2,520 yen to 2,600 yen, and the tender offer period was extended until February 12, 2026. The Nishimura family shareholders’ voting rights ratio in the new SPC is expected to be 21.8%.

Tokyu Real Estate Investment Corporation decided to borrow a 1,500 million yen green loan from Sumitomo Mitsui Trust Bank on January 30, 2026, and plans to repay the same amount of existing borrowings.

Tender offer price raised to 3,036 yen per share, lowering the minimum tender quantity to 25,337,400 shares (43.84%). The tender offer period is extended until January 26, 2026, aiming to take the shares private upon completion of the TOB.

There are reports that the company will be privatized through a management buyout (MBO) worth approximately 450 billion yen; however, this was not announced by the company. The management buyout is under consideration and an official announcement is planned within today.