Tender offer launched at an offer price of 2,880 yen, minimum number of shares to be purchased set at 9,340,400 shares, period is 21 business days (subject to extension). The series of procedures aims to privatize the target and change the shareholder composition. 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The series of procedures aims to privatize the target and change the shareholder composition. The target has obtained a fairness opinion, and fairness measures to ensure shareholders' opportunity to make informed decisions are described.","jir_summary":"### Overview of the TOB\nITOCHU Corporation group established LLC VIC and is conducting a tender offer for shares of Dentsu Research Institute. The offer price is 2,880 yen, the offer period is 21 business days, and the minimum number of shares to be purchased is 9,340,400 shares. The tender offer aims to privatize the target and limit shareholders to the Dentsu Group and the offeror.\n\n### Fairness and Valuation\nIndependent entities such as Goldman Sachs, Plutus, and Nishimura & Asahi provided valuation and fairness opinions on the share value. The fairness opinions support the fairness of the offer price. An independent committee carefully deliberated on advisory matters and implemented various procedures to ensure fairness and appropriateness.","jir_financial_highlights":"Offer Price: 2,880 yen (Final offer price determined (final proposal date: August 13))\nMinimum Number of Shares to be Purchased: 9,340,400 shares (Set as the minimum purchase threshold)\nOffer Period: From November 2, 2026 to December 2, 2026 (21 business days) (Extension possible as noted)\nTotal Purchase Consideration: 215,172,587,520 yen (Total amount on a converted basis (74,712,704 shares \u00d7 2,880 yen))","jir_category":"","jir_hashtags":"#ITOCHUCorporation, #TenderOffer, #DealNews","jir_key_figures":"Offer Price: 2,880 yen\nMinimum Number of Shares to be Purchased: 9,340,400 shares\nTotal Purchase Consideration: 215,172,587,520 yen","jir_meta_title":"ITOCHU Corporation Starts TOB for Dentsu Research Institute | Scheduled to Start November 2, 2026","jir_meta_description":"ITOCHU Corporation, through LLC VIC, is launching a tender offer for Dentsu Research Institute shares. Offer price is 2,880 yen, minimum shares 9,340,400, period 21 business days. Fairness opinions and measures to ensure fairness have been confirmed.","jir_og_title":"ITOCHU Corporation Begins TOB for Dentsu Research Institute | New Growth Strategy","jir_og_description":"ITOCHU Corporation has initiated a tender offer for shares of Dentsu Research Institute. Offer price 2,880 yen; minimum 9,340,400 shares; period 21 business days. Independent evaluations to ensure fairness are in place.","jir_og_image_url":"\/assets\/og\/company-general_ir.jpg","jir_chart_data_collection":"[]","ir_related_company":6839,"ir_release_date":"","ir_type":"","ir_is_new":false,"ir_document_url":"","jir_ir_type":"tender_offer","footnotes":""},"sector":[],"importance":[],"class_list":["post-139024","ir_release","type-ir_release","status-publish","hentry"],"yoast_head":"\n