Riso Kyoiku Group Corporation
Announcement of Expression of Support and Recommendation to Tender for the Tender Offer for a Listed Subsidiary
A tender offer for Riso Kyoiku Group Corporation by Hulic Corporation, with which it had been pursuing a capital alliance, is underway. The share purchase price was raised stepwise from 290 yen to 295 yen, and the tender period is 30 business days. The structure aims for full privatization involving delisting through measures including an expression of support to shareholders, exercise of stock acquisition rights and setting of purchase prices, and squeeze-out procedures. An application agreement with Surugadai Gakuen has also been concluded.
Key Figures
- Offer Price (Final): 295 yen
- Tender Period: 30 business days
- Planned Number of Shares to be Purchased: 83,929,751 shares
- Publication Date: 2026-10-13
- Surugadai Gakuen Application Agreement: Intends to tender in this tender offer
AI要約
Summary of the News
This IR reports that Riso Kyoiku Group Corporation resolved to express support for and recommend tendering in the tender offer (TOB) by Hulic Corporation. The offer price started at 240 yen, was raised to 260 yen on and after October 9, 2026, and finally increased to 295 yen. The tender period is 30 business days, extended to ensure shareholders have the opportunity to tender.
Background and Ensuring Fairness
The tender offer aims to strengthen the capital relationship between the parent company and the subsidiary. An independent special committee evaluated fairness and appropriateness. A stock valuation report and a fairness opinion were obtained from an independent third-party valuation firm. Although a majority-of-the-minority condition was not set, multiple fairness safeguards were implemented, and opportunities for competing acquisition proposals were preserved.
Riso Kyoiku Group Corporation
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