Initiating a tender offer to fully subsidiary the target company. Starting price is 1,901 yen per share, with eventual acceptance at 1,901 yen after consideration. Intervening with a minimum of 618,700 shares to be acquired. Period from 2026\/9\/18 to 2026\/11\/5. Target is Japan Resistors Manufacturing Co., Ltd. (6977, Toyama), FerroTech aiming to acquire all shares of the target to make it a wholly owned subsidiary. DD and independence framework established, decision based on the committee’s recommendation. Specific plans for post-tender squeeze-out procedures, share consolidation, and sell-off requests are also described.<\/p>\n","protected":false},"comment_status":"open","ping_status":"closed","template":"","meta":{"Ticker":"","DATE":"","longName":"","company_name_ja":"","fullTimeEmployees":0,"address":"","phone":"","website":"","industry":"","sector":"","regularMarketPrice":0,"financialCurrency":"","marketCap":0,"fiftyTwoWeekLow":0,"fiftyTwoWeekHigh":0,"epsTrailingTwelveMonths":0,"epsForward":0,"bookValue":0,"totalRevenue":0,"OperatingIncome":0,"operatingMargins":0,"NetIncome":0,"profitMargins":0,"ebitda":0,"trailingPE":0,"forwardPE":0,"priceToBook":0,"returnOnEquity":0,"recommendationMean":0,"recommendationKey":"","targetMeanPrice":0,"numberOfAnalystOpinions":0,"analyst_earnings_data":"","dividendRate":0,"dividendYield":0,"payoutRatio":0,"totalEsg":0,"environmentScore":0,"socialScore":0,"governanceScore":0,"title":"","providerPublishTime":"","link":"","longBusinessSummary":"","longBusinessSummary_ja":"","quarterly_revenue":0,"quarterly_net_income":0,"quarterly_operating_profit":0,"enterprise_value":0,"price_fetched_at":"","company_officer_1_name":"","company_officer_1_title":"","company_officer_2_name":"","company_officer_2_title":"","company_officer_3_name":"","company_officer_3_title":"","company_officer_4_name":"","company_officer_4_title":"","company_officer_5_name":"","company_officer_5_title":"","company_officers_update_time":"","get_dividend_history_year1":0,"get_dividend_history_year2":0,"get_dividend_history_year3":0,"get_dividend_history_year4":0,"get_dividend_history_year5":0,"get_dividend_history_year6":0,"get_dividend_history_year7":0,"get_dividend_history_year8":0,"get_dividend_history_year9":0,"get_dividend_history_year10":0,"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"jir_stock_code":"6890","jir_company_name":"FerroTech Corporation","jir_importance":"\u2605\u2605\u2605\u2605\u2606","jir_publication_date":"2026-09-17","jir_source_link":"https:\/\/japanir.jp\/wp-content\/uploads\/2026\/09\/6890-20260917-01.pdf","jir_short_summary":"Initiating a tender offer to fully subsidiary the target company. Starting price is 1,901 yen per share, with eventual acceptance at 1,901 yen after consideration. Intervening with a minimum of 618,700 shares to be acquired. Period from 2026\/9\/18 to 2026\/11\/5. Target is Japan Resistors Manufacturing Co., Ltd. (6977, Toyama), FerroTech aiming to acquire all shares of the target to make it a wholly owned subsidiary. DD and independence framework established, decision based on the committee's recommendation. Specific plans for post-tender squeeze-out procedures, share consolidation, and sell-off requests are also described.","jir_summary":"### Background and Objective\nFerroTech, the tender offeror, has resolved to commence the tender offer on September 18, 2026, with the aim of making Japan Resistors Manufacturing Co., Ltd. a wholly owned subsidiary. The target has seen a decline in revenue and red ink in recent years; FerroTech seeks to create synergies by leveraging its overseas distribution network, automation capabilities, and financial strength.\n\n### Tender terms and ensuring fairness\nThe tender price is 1,901 yen, with a lower limit of 618,700 shares. Based on Deloitte's valuation of the stock and Mizuho Securities' assessment, a framework to ensure fairness is being established. A Special Committee will be formed to ensure independence. Procedures will emphasize shareholder fairness and robust information disclosure.","jir_financial_highlights":"Acquisition price (per share): 1,901 yen (Final proposal price as the result of the deliberation process confirmed)\nPlanned shares to be acquired: 618,700 shares (Lower limit of planned acquisition)\nFunds required for the tender offer: 2,351 million yen (Amount disclosed in the published materials)\nTotal voting rights of the target's shareholders: 12,307 units (as of the reference date: 2026\/6\/30)","jir_category":"","jir_hashtags":"#TOB","jir_key_figures":"Purchase price: 1,901 yen\nPlanned minimum number of shares to acquire: 618,700 shares\nFunds required for purchase, etc.: 2,351 million yen","jir_meta_title":"\u3010FerroTech\u3011Notice of Tender Offer Start\uff5cSeptember 2026","jir_meta_description":"FerroTech initiates tender offer for Japan Resistors Manufacturing Co. Price 1,901 yen, lower limit 618,700 shares, funds 2,351 million yen. Due diligence and independent committee established to ensure fairness. Details on future developments provided.","jir_og_title":"Tender Offer Start Notice\uff5cFerroTech","jir_og_description":"FerroTech launches TOB aiming for all shares of Japan Resistors Manufacturing Co. Price 1,901 yen, lower limit 618,700 shares, period 30 business days. Fairness framework clearly indicated.","jir_og_image_url":"\/assets\/og\/company-general_ir.jpg","jir_chart_data_collection":"[]","ir_related_company":8879,"ir_release_date":"","ir_type":"","ir_is_new":false,"ir_document_url":"","jir_ir_type":"tender_offer","footnotes":""},"sector":[],"importance":[],"class_list":["post-114909","ir_release","type-ir_release","status-publish","hentry"],"yoast_head":"\n