Sankei Real Estate Inc. tender offer

ID: E34684-20260107 ／ Deal data (JSON)

Overview

Target: Sankei Real Estate Inc.
Sector: —
Acquirer: Tiger Investment Limited Partnership
Type: TOB
Status: Closed
Tender offer filing date: 2026-01-07 Open on EDINET

Offer terms

Item	Value	History
Offer price per common share	¥125,000 ^[1]	—
Offer period start	2026-01-07 ^[2]	—
Offer period end	2026-05-18 ^[3]	2026-03-06^[2] → 2026-03-23^[4] → 2026-04-06^[5] → 2026-04-16^[6] → 2026-04-28^[7] → 2026-05-18^[3]
Offer period (business days)	86 business days ^[3]	40 business days^[2] → 50 business days^[4] → 60 business days^[5] → 68 business days^[6] → 76 business days^[7] → 86 business days^[3]
Minimum shares	247,563 shares ^[8]	—

Premiums (as stated in filings)

Basis	As of	Value
Closing price on the business day before announcement	2026-01-05	21.4%^[9]
1-month simple average closing price	2026-01-05	21.1%^[10]
3-month simple average closing price	2026-01-05	23.2%^[11]
6-month simple average closing price	2026-01-05	26.4%^[12]

Premiums are as stated in the filings (not recalculated from market prices).

Valuations

Valuer	Engaged by	Method	Value per share	Discount rate	Perpetual growth rate
Mizuho Securities Co., Ltd.	Target	Comparable companies method	¥94,254 〜 ¥127,274^[13]	—	—
Mizuho Securities Co., Ltd.	Target	DCF method	¥83,240 〜 ¥123,294^[14]	—	—
Mizuho Securities Co., Ltd.	Target	Market price method (市場投資口価格基準法)	¥98,926 〜 ¥103,189^[15]	—	—
Mizuho Securities Co., Ltd.	Target	Other	¥108,413^[16]	—	—

Revisions and inconsistencies

Revised：tob_terms:period_end S100XMGQ: 2026-03-06 → S100XPFO: 2026-03-23
Revised：tob_terms:period_end S100XPFO: 2026-03-23 → S100XSU1: 2026-04-06
Revised：tob_terms:period_end S100XSU1: 2026-04-06 → S100XWI5: 2026-04-16
Revised：tob_terms:period_end S100XWI5: 2026-04-16 → S100XYPA: 2026-04-28
Revised：tob_terms:period_end S100XYPA: 2026-04-28 → S100Y1GT: 2026-05-18
Revised：tob_terms:period_business_days S100XMGQ: 40.0 → S100XPFO: 50.0
Revised：tob_terms:period_business_days S100XPFO: 50.0 → S100XSU1: 60.0
Revised：tob_terms:period_business_days S100XSU1: 60.0 → S100XWI5: 68.0
Revised：tob_terms:period_business_days S100XWI5: 68.0 → S100XYPA: 76.0
Revised：tob_terms:period_business_days S100XYPA: 76.0 → S100Y1GT: 86.0

Timeline (filings)

Filing	Date	Filer	docID
Tender Offer Registration Statement	2026-01-07	Tiger Investment Limited Partnership	`S100XEIP`
Position Statement	2026-01-07	Sankei Real Estate Inc.	`S100XEKK`
Amended Tender Offer Registration Statement	2026-02-19	Tiger Investment Limited Partnership	`S100XMGQ`
Amended Position Statement	2026-02-20	Sankei Real Estate Inc.	`S100XMJT`
Amended Tender Offer Registration Statement	2026-03-06	Tiger Investment Limited Partnership	`S100XPFO`
Amended Position Statement	2026-03-09	Sankei Real Estate Inc.	`S100XPIK`
Amended Tender Offer Registration Statement	2026-03-23	Tiger Investment Limited Partnership	`S100XSU1`
Amended Position Statement	2026-03-24	Sankei Real Estate Inc.	`S100XT0H`
Amended Tender Offer Registration Statement	2026-04-02	Tiger Investment Limited Partnership	`S100XWI5`
Amended Position Statement	2026-04-03	Sankei Real Estate Inc.	`S100XWPG`
Amended Tender Offer Registration Statement	2026-04-14	Tiger Investment Limited Partnership	`S100XYPA`
Amended Position Statement	2026-04-15	Sankei Real Estate Inc.	`S100XYYC`
Amended Tender Offer Registration Statement	2026-04-28	Tiger Investment Limited Partnership	`S100Y1GT`
Amended Position Statement	2026-04-30	Sankei Real Estate Inc.	`S100Y1KG`
Tender Offer Report	2026-05-19	Tiger Investment Limited Partnership	`S100Y52O`

Sources

Tender Offer Registration Statement (S100XEIP) 2026-01-07
Original text (Japanese): 本公開買付価格125,000円は、本公開買付けの実施についての公表日の前営業日である2026年１月５日の対象者投資口のJ-REIT市場における終値103,000円に対して21.4％
Amended Tender Offer Registration Statement (S100XMGQ) 2026-02-19
Original text (Japanese): 買付け等の期間 2026年１月７日（水曜日）から2026年３月６日（金曜日）まで（40営業日）
Amended Tender Offer Registration Statement (S100Y1GT) 2026-04-28
Original text (Japanese): 買付け等の期間 2026年１月７日（水曜日）から2026年５月18日（月曜日）まで（86営業日）
Amended Tender Offer Registration Statement (S100XPFO) 2026-03-06
Original text (Japanese): 買付け等の期間 2026年１月７日（水曜日）から2026年３月23日（月曜日）まで（50営業日）
Amended Tender Offer Registration Statement (S100XSU1) 2026-03-23
Original text (Japanese): 買付け等の期間 2026年１月７日（水曜日）から2026年４月６日（月曜日）まで（60営業日）
Amended Tender Offer Registration Statement (S100XWI5) 2026-04-02
Original text (Japanese): 買付け等の期間 2026年１月７日（水曜日）から2026年４月16日（木曜日）まで（68営業日）
Amended Tender Offer Registration Statement (S100XYPA) 2026-04-14
Original text (Japanese): 買付け等の期間 2026年１月７日（水曜日）から2026年４月28日（火曜日）まで（76営業日）
Tender Offer Registration Statement (S100XEIP) 2026-01-07
Original text (Japanese): 公開買付者らは、買付予定数の下限を247,563口（所有割合：53.00％）に設定しており
Position Statement (S100XEKK) 2026-01-07
Original text (Japanese): 2026年１月５日のJ-REIT市場における本投資法人投資口の取引終値103,000円に対して21.4％
Position Statement (S100XEKK) 2026-01-07
Original text (Japanese): 同日までの過去１ヶ月間の終値の単純平均値103,189円に対して21.1％
Position Statement (S100XEKK) 2026-01-07
Original text (Japanese): 同日までの過去３ヶ月間の終値の単純平均値101,498円に対して23.2％
Position Statement (S100XEKK) 2026-01-07
Original text (Japanese): 同日までの過去６ヶ月間の終値の単純平均値98,926円に対して26.4％
Position Statement (S100XEKK) 2026-01-07
Original text (Japanese): 本投資法人投資口の１口当たり投資口価値の範囲を94,254円から127,274円までと算定しています
Position Statement (S100XEKK) 2026-01-07
Original text (Japanese): 本投資法人投資口の一口当たり投資口価値を83,240円から123,294円までと算定しています
Position Statement (S100XEKK) 2026-01-07
Original text (Japanese): 本投資法人投資口の１口当たり投資口価値の範囲を98,926円から103,189円までと算定しています
Position Statement (S100XEKK) 2026-01-07
Original text (Japanese): 本投資法人投資口の１口当たり投資口価値を108,413円と算定しています