Statistics Distributions of the values stated in filings for the deals covered. Only verified values are used. As of: 2026-09-26
Premium over the closing price on the business day before announcement (as stated). Deals per 10% band.
TOB TOB -50〜-40%: 1 deals TOB -40〜-30%: 1 deals TOB -30〜-20%: 0 deals TOB -20〜-10%: 2 deals TOB -10〜0%: 3 deals TOB 0〜10%: 13 deals TOB 10〜20%: 4 deals TOB 20〜30%: 17 deals TOB 30〜40%: 11 deals TOB 40〜50%: 11 deals TOB 50〜60%: 8 deals TOB 60〜70%: 1 deals TOB 70〜80%: 2 deals TOB 80〜90%: 0 deals TOB 90〜100%: 1 deals TOB 100〜110%: 1 deals TOB 110〜120%: 0 deals TOB 120〜130%: 0 deals TOB 130〜140%: 0 deals TOB 140〜150%: 0 deals TOB 150〜160%: 2 deals TOB 160〜170%: 0 deals TOB 170〜180%: 0 deals TOB 180〜190%: 0 deals TOB 190〜200%: 0 deals TOB 200〜210%: 0 deals TOB 210〜220%: 0 deals TOB 220〜230%: 0 deals TOB 230〜240%: 0 deals TOB 240〜250%: 0 deals TOB 250〜260%: 0 deals TOB 260〜270%: 1 deals Median 28.6% MBO MBO -50〜-40%: 0 deals MBO -40〜-30%: 0 deals MBO -30〜-20%: 0 deals MBO -20〜-10%: 0 deals MBO -10〜0%: 0 deals MBO 0〜10%: 2 deals MBO 10〜20%: 2 deals MBO 20〜30%: 5 deals MBO 30〜40%: 4 deals MBO 40〜50%: 4 deals MBO 50〜60%: 3 deals MBO 60〜70%: 1 deals MBO 70〜80%: 1 deals MBO 80〜90%: 0 deals MBO 90〜100%: 0 deals MBO 100〜110%: 1 deals MBO 110〜120%: 0 deals MBO 120〜130%: 1 deals MBO 130〜140%: 0 deals MBO 140〜150%: 0 deals MBO 150〜160%: 0 deals MBO 160〜170%: 0 deals MBO 170〜180%: 0 deals MBO 180〜190%: 0 deals MBO 190〜200%: 0 deals MBO 200〜210%: 0 deals MBO 210〜220%: 0 deals MBO 220〜230%: 0 deals MBO 230〜240%: 0 deals MBO 240〜250%: 0 deals MBO 250〜260%: 0 deals MBO 260〜270%: 0 deals Median 37.5% -50% 0% 50% 100% 150% 200% 250% Show as table Target Type Value Medical Data Vision Co., Ltd. TOB 266.5% MUTOH HOLDINGS CO., LTD. TOB 157.5% e'grand Co.,Ltd TOB 151.7% INFORICH Inc. MBO 123.1% MANDOM CORPORATION MBO 106.6% BrainPad Inc. TOB 100.0% Tohoku Steel Co.,Ltd. TOB 95.0% GMO Prime Strategy Co., Ltd. TOB 79.5% NISSIN SHOJI CO., LTD. MBO 76.8% kainos loboratories,inc TOB 75.2% SANKO SANGYO CO.,LTD. MBO 66.1% Jmty, Inc. TOB 60.6% Daiseki Eco. Solution Co.,Ltd. TOB 59.9% PARIS MIKI HOLDINGS Inc. MBO 57.9% Nousouken Corporation TOB 54.6% METALART CORPORATION TOB 53.7% I-NET CORP. TOB 53.5% The Kodensha,Co.,Ltd. TOB 53.1% LEOPALACE21CORPORATION TOB 52.2% RAKSUL INC. MBO 52.0% ALBIS Co.,Ltd. TOB 51.1% Decollte Holdings Corporation TOB 50.6% Satudora Holdings Co., Ltd. MBO 50.5% Br.Holdings Corporation TOB 49.7% SAINT-CARE HOLDING CORPORATION MBO 48.1% SEED CO.,LTD. TOB 47.8% Newtech Co., Ltd. TOB 47.6% OutlookConsulting Co., Ltd. TOB 46.8% Anshin Guarantor Service Co.,Ltd. TOB 46.0% CAREER BANK CO.,LTD TOB 45.5% NIPPON PALLET POOL CO.,LTD. TOB 45.1% JAPAN RESISTOR MFG.CO.,LTD. TOB 44.2% PALTAC CORPORATION TOB 42.7% STORAGE-OH Co.,Ltd. TOB 42.3% DIGITAL HEARTS HOLDINGS Co., Ltd. MBO 41.0% TAKARA BIO INC. TOB 40.4% SUGITA ACE CO.,LTD MBO 40.4% SHINPO CO.,LTD. MBO 40.0% TOIN CORPORATION TOB 39.2% MCJ Co., Ltd. MBO 38.5% MARUWN CORPORATION TOB 37.1% RYOMO SYSTEMS CO.,LTD. TOB 37.0% SANYU CONSTRUCTION CO.,LTD. MBO 36.6% nms Holdings Corporation TOB 36.4% Global Information, Inc. TOB 35.8% HISAMITSU PHARMACEUTICAL CO.,INC. MBO 35.2% Forum Engineering Inc. TOB 34.1% SCSK Corporation TOB 33.9% CANON ELECTRONICS INC. TOB 33.4% Kakaku.com,Inc. TOB 32.7% Oricon Inc. MBO 31.2% STAR MICRONICS CO.,LTD. TOB 30.7% SAWAFUJI ELECTRIC CO.,LTD. TOB 30.0% Broadmedia Corporation TOB 29.4% Fast Fitness Japan Incorporated MBO 29.3% J.S.B.Co.,Ltd. TOB 28.6% Alleanza Holdings Co., Ltd. TOB 28.3% SUMITOMO DENSETSU CO.,LTD. TOB 28.1% Wavelock Holdings Co., Ltd. TOB 27.2% YASUHARA CHEMICAL CO.,LTD. MBO 26.5% Silver Egg Technology CO.,Ltd. TOB 26.4% SUNDAY CO.,LTD. TOB 26.1% Japan Infrastructure Fund Investment Corporation TOB 25.0% Waqoo Co., Ltd. TOB 24.9% SUNNY SIDE UP GROUP Inc. TOB 24.9% WATT MANN CO., LTD. MBO 24.6% JPMC Co., Ltd. MBO 24.6% SUMIKEN MITSUI ROAD CO.,LTD. TOB 22.3% super value co., ltd. TOB 22.3% Matsuya R&D Co.,Ltd TOB 22.0% KROSAKI HARIMA CORPORATION TOB 21.7% Sankei Real Estate Inc. TOB 21.4% Sumitomo Riko Company Limited TOB 20.6% Yamadai Corporation TOB 20.2% Solasto Corporation MBO 20.2% Nippon Dry-Chemical CO.,LTD. TOB 19.9% The Global Ltd. TOB 19.9% eSOL Co., Ltd. MBO 19.7% AGIS Co., Ltd. TOB 18.7% SUIDO KIKO KAISHA,LTD TOB 14.1% ART VIVANT CO.,LTD. MBO 10.7% BASE, INC. TOB 9.3% Sun Frontier Fudousan Co.,Ltd. TOB 9.0% ITOCHU-SHOKUHIN Co., Ltd. TOB 7.6% Shinko Shoji Co.,Ltd. TOB 6.4% YUTAKA GIKEN CO.,LTD. TOB 6.4% TSURUHA HOLDINGS INC. TOB 5.7% KADOYA SESAME MILLS INCORPORATED TOB 5.5% Future Corporation MBO 4.7% baudroie,inc. MBO 3.8% SHARINGTECHNOLOGY INC. TOB 3.5% SOFT99corporation TOB 3.0% TIEMCO LTD. TOB 2.3% HOGY MEDICAL CO.,LTD. TOB 1.8% TOYOTA INDUSTRIES CORPORATION TOB 0.3% Manabi Aid Co., Ltd. TOB 0.0% CE Holdings Co.,Ltd. TOB -4.1% FUJITEC CO., LTD. TOB -7.6% YOMEISHU SEIZO CO.,LTD. TOB -9.6% MAMEZO CO.,LTD. TOB -12.8% Logisnext Co.,Ltd. TOB -14.0% CAPITA Inc. TOB -37.8% RISE Inc. TOB -41.4%
One point per deal and valuer: the midpoint of the stated range. Of the 49 deals with an acquirer-side DCF valuation, 0 disclosed the discount rate. Discount rates that appear in tender offer registration statements restate the target side's valuation. The target and special-committee rows cover different sets of deals. To compare the two, see the same-deal comparison below.
Target Mizuho Securities Co., Ltd.: 3.6%〜3.8% MUFG Bank, Ltd., Corporate Information Sales Division, Financial Development Office: 4.0%〜5.0% Yamada & Partners Advisory Co., Ltd.: 4.4%〜5.3% Plutus Consulting Co., Ltd.: 4.7%〜5.6% Nomura Securities Co., Ltd.: 5.5%〜6.0% Nomura Securities Co., Ltd.: 5.3%〜6.3% Yamada Consulting Group Co., Ltd.: 5.4%〜6.4% Mizuho Securities Co., Ltd.: 5.6%〜6.6% Mitsubishi UFJ Morgan Stanley Securities Co., Ltd.: 5.7%〜6.7% Yamada Consulting Group Co., Ltd.: 5.9%〜6.9% Mitsubishi UFJ Morgan Stanley Securities Co., Ltd.: 5.5%〜7.5% SMBC Nikko Securities Inc.: 6.2%〜6.8% Mizuho Securities Co., Ltd.: 6.1%〜7.1% Trustees Advisory Co., Ltd.: 6.4%〜6.9% Stream Co., Ltd.: 6.2%〜7.2% Nomura Securities Co., Ltd.: 6.5%〜7.0% AGS FAS Co., Ltd.: 6.8%〜7.3% SMBC Nikko Securities Inc.: 6.6%〜8.1% Yamada Consulting Group Co., Ltd.: 6.8%〜7.8% Yamada & Partners Advisory Co., Ltd.: 6.7%〜8.2% Maxus Corporate Advisory Co., Ltd.: 6.6%〜8.6% Nomura Securities Co., Ltd.: 7.3%〜8.3% J-TAP Advisory Co., Ltd.: 7.0%〜8.6% Plutus Consulting Co., Ltd.: 7.3%〜8.4% Daiwa Securities Co., Ltd.: 7.4%〜8.4% Tokyo Kyodo Accounting Office: 7.2%〜8.9% Daiwa Securities Co., Ltd.: 7.6%〜8.6% Daiwa Securities Co., Ltd.: 7.2%〜9.2% Yamada Consulting Group Co., Ltd.: 7.7%〜8.7% KPMG FAS Co., Ltd.: 7.9%〜8.9% EY Strategy and Consulting Co., Ltd.: 8.1%〜8.9% Yamada Consulting Group Co., Ltd.: 8.2%〜9.2% Plutus Consulting Co., Ltd.: 8.0%〜9.3% Yamada Consulting Group Co., Ltd.: 7.7%〜9.7% Deloitte Tohmatsu LLC: 8.3%〜9.3% J-TAP Advisory Co., Ltd.: 8.0%〜9.7% Akasaka International Accounting Co., Ltd.: 8.2%〜9.5% KPMG FAS Co., Ltd.: 8.4%〜9.4% SMBC Nikko Securities Inc.: 8.0%〜9.8% Daiwa Securities Co., Ltd.: 8.5%〜9.5% Yamada Consulting Group Co., Ltd.: 8.5%〜9.5% Mizuho Securities Co., Ltd.: 8.6%〜9.6% SMBC Nikko Securities Inc.: 8.2%〜10.1% Trustees Advisory Co., Ltd.: 9.4%〜9.9% Mizuho Securities Co., Ltd.: 9.4%〜10.4% KPMG FAS Co., Ltd.: 9.5%〜10.5% KPMG FAS Co., Ltd.: 9.0%〜11.0% Daiwa Securities Co., Ltd.: 9.3%〜11.1% AGS FAS Co., Ltd.: 9.3%〜11.3% SMBC Nikko Securities Inc.: 9.3%〜11.4% Daiwa Securities Co., Ltd.: 8.9%〜11.9% Tasuki Consulting Co., Ltd.: 10.0%〜11.0% Tokyo Kyodo Accounting Office: 9.5%〜11.6% Daiwa Securities Co., Ltd.: 9.4%〜12.4% Stream Co., Ltd.: 10.4%〜11.4% EY Strategy and Consulting Co., Ltd.: 9.7%〜12.5% Plutus Consulting Co., Ltd.: 10.7%〜12.0% Plutus Consulting Co., Ltd.: 10.4%〜12.5% Stream Co., Ltd.: 11.0%〜12.0% SMBC Nikko Securities Inc.: 10.4%〜12.7% SBI Securities Co., Ltd.: 10.6%〜12.6% KPMG FAS Co., Ltd.: 11.3%〜12.3% AGS FAS Co., Ltd.: 11.3%〜13.8% Daiwa Securities Co., Ltd.: 14.2%〜17.2% Median 8.7% Special committee Plutus Consulting Co., Ltd.: 3.1%〜3.4% AGS FAS Co., Ltd.: 5.0%〜7.0% Plutus Consulting Co., Ltd.: 5.5%〜6.7% Plutus Consulting Co., Ltd.: 5.7%〜6.9% Plutus Consulting Co., Ltd.: 5.7%〜7.6% PwC Advisory LLC: 6.4%〜7.4% PwC Advisory LLC: 6.8%〜7.8% Plutus Consulting Co., Ltd.: 6.6%〜8.2% Plutus Consulting Co., Ltd.: 6.5%〜8.7% Plutus Consulting Co., Ltd.: 6.8%〜8.6% Yamada Consulting Group Co., Ltd.: 7.2%〜8.2% Plutus Consulting Co., Ltd.: 7.0%〜9.1% Plutus Consulting Co., Ltd.: 6.9%〜9.3% AGS FAS Co., Ltd.: 7.8%〜8.8% Plutus Consulting Co., Ltd.: 7.9%〜8.9% Frontier Management Inc.: 7.9%〜9.7% Plutus Consulting Co., Ltd.: 7.9%〜9.8% Plutus Consulting Co., Ltd.: 7.3%〜10.9% Plutus Consulting Co., Ltd.: 9.4%〜11.1% Plutus Consulting Co., Ltd.: 9.0%〜11.8% Maxus Corporate Advisory Co., Ltd.: 10.3%〜11.3% Median 7.7% 5% 7.5% 10% 12.5% 15%
Show as table Valuer Engaged by Range ID Plutus Consulting Co., Ltd. Special committee 3.1%〜3.4% 7450-20260109 Mizuho Securities Co., Ltd. Target 3.6%〜3.8% 7450-20260109 MUFG Bank, Ltd., Corporate Information Sales Division, Financial Development Office Target 4.0%〜5.0% 4690-20260202 Yamada & Partners Advisory Co., Ltd. Target 4.4%〜5.3% 3546-20260213 Plutus Consulting Co., Ltd. Target 4.7%〜5.6% 3544-20260622 Nomura Securities Co., Ltd. Target 5.5%〜6.0% 3593-20251218 Nomura Securities Co., Ltd. Target 5.3%〜6.3% 9719-20251030 Yamada Consulting Group Co., Ltd. Target 5.4%〜6.4% 5484-20260518 AGS FAS Co., Ltd. Special committee 5.0%〜7.0% 7455-20251113 Plutus Consulting Co., Ltd. Special committee 5.5%〜6.7% 5352-20260202 Mizuho Securities Co., Ltd. Target 5.6%〜6.6% 2612-20260915 Mitsubishi UFJ Morgan Stanley Securities Co., Ltd. Target 5.7%〜6.7% 4530-20260107 Plutus Consulting Co., Ltd. Special committee 5.7%〜6.9% 2540-20260225 Yamada Consulting Group Co., Ltd. Target 5.9%〜6.9% 1841-20251113 Mitsubishi UFJ Morgan Stanley Securities Co., Ltd. Target 5.5%〜7.5% 2540-20260225 SMBC Nikko Securities Inc. Target 6.2%〜6.8% 7475-20260909 Mizuho Securities Co., Ltd. Target 6.1%〜7.1% 9067-20260126 Plutus Consulting Co., Ltd. Special committee 5.7%〜7.6% 9719-20251030 Trustees Advisory Co., Ltd. Target 6.4%〜6.9% 7635-20251113 Stream Co., Ltd. Target 6.2%〜7.2% 7523-20260713 Nomura Securities Co., Ltd. Target 6.5%〜7.0% 6197-20260325 PwC Advisory LLC Special committee 6.4%〜7.4% 3593-20251218 AGS FAS Co., Ltd. Target 6.8%〜7.3% 7743-20260827 PwC Advisory LLC Special committee 6.8%〜7.8% 7743-20260827 SMBC Nikko Securities Inc. Target 6.6%〜8.1% 5352-20260202 Yamada Consulting Group Co., Ltd. Target 6.8%〜7.8% 4957-20251104 Plutus Consulting Co., Ltd. Special committee 6.6%〜8.2% 9927-20260216 Yamada & Partners Advisory Co., Ltd. Target 6.7%〜8.2% 6403-20260206 Maxus Corporate Advisory Co., Ltd. Target 6.6%〜8.6% 7455-20251113 Plutus Consulting Co., Ltd. Special committee 6.5%〜8.7% 8283-20260512 Plutus Consulting Co., Ltd. Special committee 6.8%〜8.6% 4974-20260216 Yamada Consulting Group Co., Ltd. Special committee 7.2%〜8.2% 2371-20260513 Nomura Securities Co., Ltd. Target 7.3%〜8.3% 7739-20251201 J-TAP Advisory Co., Ltd. Target 7.0%〜8.6% 7922-20260204 Plutus Consulting Co., Ltd. Target 7.3%〜8.4% 1712-20251003 Daiwa Securities Co., Ltd. Target 7.4%〜8.4% 8283-20260512 Tokyo Kyodo Accounting Office Target 7.2%〜8.9% 7490-20260512 Plutus Consulting Co., Ltd. Special committee 7.0%〜9.1% 4384-20251212 Daiwa Securities Co., Ltd. Target 7.6%〜8.6% 4974-20260216 Plutus Consulting Co., Ltd. Special committee 6.9%〜9.3% 2692-20260226 Daiwa Securities Co., Ltd. Target 7.2%〜9.2% 4917-20250926 Yamada Consulting Group Co., Ltd. Target 7.7%〜8.7% 5484-20260518 AGS FAS Co., Ltd. Special committee 7.8%〜8.8% 1776-20260310 Plutus Consulting Co., Ltd. Special committee 7.9%〜8.9% 3276-20260804 KPMG FAS Co., Ltd. Target 7.9%〜8.9% 4384-20251212 EY Strategy and Consulting Co., Ltd. Target 8.1%〜8.9% 3276-20260804 Yamada Consulting Group Co., Ltd. Target 8.2%〜9.2% 7183-20260513 Plutus Consulting Co., Ltd. Target 8.0%〜9.3% 4722-20260730 Yamada Consulting Group Co., Ltd. Target 7.7%〜9.7% 2374-20251110 Deloitte Tohmatsu LLC Target 8.3%〜9.3% 1776-20260310 Frontier Management Inc. Special committee 7.9%〜9.7% 4722-20260730 Plutus Consulting Co., Ltd. Special committee 7.9%〜9.8% 4917-20250926 J-TAP Advisory Co., Ltd. Target 8.0%〜9.7% 1909-20260514 Akasaka International Accounting Co., Ltd. Target 8.2%〜9.5% 3902-20251216 KPMG FAS Co., Ltd. Target 8.4%〜9.4% 3094-20251016 SMBC Nikko Securities Inc. Target 8.0%〜9.8% 2371-20260513 Daiwa Securities Co., Ltd. Target 8.5%〜9.5% 5191-20251031 Yamada Consulting Group Co., Ltd. Target 8.5%〜9.5% 9927-20260216 Plutus Consulting Co., Ltd. Special committee 7.3%〜10.9% 7092-20251202 Mizuho Securities Co., Ltd. Target 8.6%〜9.6% 4420-20260902 SMBC Nikko Securities Inc. Target 8.2%〜10.1% 4413-20260819 Trustees Advisory Co., Ltd. Target 9.4%〜9.9% 2162-20260601 Mizuho Securities Co., Ltd. Target 9.4%〜10.4% 6670-20260206 KPMG FAS Co., Ltd. Target 9.5%〜10.5% 3676-20260807 KPMG FAS Co., Ltd. Target 9.0%〜11.0% 4464-20260122 Daiwa Securities Co., Ltd. Target 9.3%〜11.1% 7092-20251202 Plutus Consulting Co., Ltd. Special committee 9.4%〜11.1% 5191-20251031 AGS FAS Co., Ltd. Target 9.3%〜11.3% 9691-20260515 SMBC Nikko Securities Inc. Target 9.3%〜11.4% 9338-20260216 Daiwa Securities Co., Ltd. Target 8.9%〜11.9% 4917-20250926 Plutus Consulting Co., Ltd. Special committee 9.0%〜11.8% 4413-20260819 Tasuki Consulting Co., Ltd. Target 10.0%〜11.0% 4171-20260521 Tokyo Kyodo Accounting Office Target 9.5%〜11.6% 2692-20260226 Maxus Corporate Advisory Co., Ltd. Special committee 10.3%〜11.3% 3676-20260807 Daiwa Securities Co., Ltd. Target 9.4%〜12.4% 4917-20250926 Stream Co., Ltd. Target 10.4%〜11.4% 7523-20260713 EY Strategy and Consulting Co., Ltd. Target 9.7%〜12.5% 2180-20260514 Plutus Consulting Co., Ltd. Target 10.7%〜12.0% 5596-20251113 Plutus Consulting Co., Ltd. Target 10.4%〜12.5% 5903-20260430 Stream Co., Ltd. Target 11.0%〜12.0% 7523-20260713 SMBC Nikko Securities Inc. Target 10.4%〜12.7% 6201-20260115 SBI Securities Co., Ltd. Target 10.6%〜12.6% 7082-20260518 KPMG FAS Co., Ltd. Target 11.3%〜12.3% 5644-20260515 AGS FAS Co., Ltd. Target 11.3%〜13.8% 4800-20260529 Daiwa Securities Co., Ltd. Target 14.2%〜17.2% 4917-20250926
One point per deal and valuer: the midpoint of the stated range. Of the 49 deals with an acquirer-side DCF valuation, 0 disclosed the discount rate. Discount rates that appear in tender offer registration statements restate the target side's valuation. The target and special-committee rows cover different sets of deals. To compare the two, see the same-deal comparison below.
Target Plutus Consulting Co., Ltd.: 0.0% Yamada & Partners Advisory Co., Ltd.: 0.0% Akasaka International Accounting Co., Ltd.: -1.0%〜1.0% MUFG Bank, Ltd., Corporate Information Sales Division, Financial Development Office: -0.3%〜0.3% Plutus Consulting Co., Ltd.: 0.0% Plutus Consulting Co., Ltd.: 0.0% Mizuho Securities Co., Ltd.: -0.1%〜0.1% Mizuho Securities Co., Ltd.: -0.1%〜0.1% Tokyo Kyodo Accounting Office: -0.5%〜0.5% Stream Co., Ltd.: -0.3%〜0.3% Nomura Securities Co., Ltd.: -0.3%〜0.3% J-TAP Advisory Co., Ltd.: -0.5%〜0.5% Nomura Securities Co., Ltd.: 0.0%〜0.5% Yamada Consulting Group Co., Ltd.: 0.0%〜1.0% SMBC Nikko Securities Inc.: 0.0%〜1.0% Yamada Consulting Group Co., Ltd.: 0.0%〜1.0% Tokyo Kyodo Accounting Office: 0.0%〜1.0% KPMG FAS Co., Ltd.: 0.0%〜1.0% EY Strategy and Consulting Co., Ltd.: 0.0%〜1.0% Tasuki Consulting Co., Ltd.: 0.0%〜1.0% SMBC Nikko Securities Inc.: 0.0%〜1.0% Plutus Consulting Co., Ltd.: 0.0%〜1.0% Yamada Consulting Group Co., Ltd.: 0.0%〜1.0% SMBC Nikko Securities Inc.: 0.0%〜1.0% Yamada Consulting Group Co., Ltd.: 0.0%〜1.0% Yamada & Partners Advisory Co., Ltd.: 0.0%〜1.0% SBI Securities Co., Ltd.: 0.0%〜1.0% Yamada Consulting Group Co., Ltd.: 0.0%〜1.0% Maxus Corporate Advisory Co., Ltd.: 0.0%〜1.0% SMBC Nikko Securities Inc.: 0.0%〜1.0% Trustees Advisory Co., Ltd.: 0.0%〜1.0% SMBC Nikko Securities Inc.: 0.0%〜1.0% Yamada Consulting Group Co., Ltd.: 0.0%〜1.0% Nomura Securities Co., Ltd.: 0.3%〜1.3% Nomura Securities Co., Ltd.: 0.3%〜1.3% Deloitte Tohmatsu LLC: 0.5%〜1.5% Trustees Advisory Co., Ltd.: 0.8%〜1.3% Mitsubishi UFJ Morgan Stanley Securities Co., Ltd.: 0.8%〜1.3% KPMG FAS Co., Ltd.: 0.5%〜1.5% KPMG FAS Co., Ltd.: 0.0%〜2.0% Daiwa Securities Co., Ltd.: 0.5%〜1.5% Daiwa Securities Co., Ltd.: 0.5%〜1.5% Daiwa Securities Co., Ltd.: 0.0%〜2.0% SMBC Nikko Securities Inc.: 0.8%〜1.3% Mizuho Securities Co., Ltd.: 0.0%〜2.0% Daiwa Securities Co., Ltd.: 0.5%〜1.5% Daiwa Securities Co., Ltd.: 0.5%〜1.5% Mizuho Securities Co., Ltd.: 0.5%〜1.5% Mizuho Securities Co., Ltd.: 0.5%〜1.5% AGS FAS Co., Ltd.: 0.6%〜1.9% AGS FAS Co., Ltd.: 0.6%〜1.9% AGS FAS Co., Ltd.: 0.5%〜2.0% J-TAP Advisory Co., Ltd.: 1.0%〜2.0% Mizuho Securities Co., Ltd.: 1.0%〜2.0% KPMG FAS Co., Ltd.: 1.0%〜2.0% KPMG FAS Co., Ltd.: 1.0%〜2.0% EY Strategy and Consulting Co., Ltd.: 1.5%〜2.0% EY Strategy and Consulting Co., Ltd.: 1.5%〜2.0% Mizuho Securities Co., Ltd.: 1.0%〜3.0% Daiwa Securities Co., Ltd.: 2.0%〜3.0% Daiwa Securities Co., Ltd.: 2.5%〜3.5% Daiwa Securities Co., Ltd.: 5.0%〜6.0% Median 0.5% Special committee Plutus Consulting Co., Ltd.: 0.0% Plutus Consulting Co., Ltd.: 0.0% Plutus Consulting Co., Ltd.: 0.0% Plutus Consulting Co., Ltd.: 0.0% Plutus Consulting Co., Ltd.: 0.0% Plutus Consulting Co., Ltd.: 0.0% Plutus Consulting Co., Ltd.: 0.0% Plutus Consulting Co., Ltd.: 0.0% Plutus Consulting Co., Ltd.: 0.0% Plutus Consulting Co., Ltd.: 0.0% Plutus Consulting Co., Ltd.: 0.0% Yamada Consulting Group Co., Ltd.: 0.0%〜1.0% Plutus Consulting Co., Ltd.: 0.0%〜1.0% Frontier Management Inc.: 0.0%〜1.0% AGS FAS Co., Ltd.: 0.5%〜1.5% AGS FAS Co., Ltd.: 0.5%〜2.0% PwC Advisory LLC: 0.8%〜1.8% Maxus Corporate Advisory Co., Ltd.: 1.0%〜2.0% PwC Advisory LLC: 1.5%〜2.0% Median 0.0% 0% 1% 2% 3% 4% 5% 6%
Show as table Valuer Engaged by Range ID Plutus Consulting Co., Ltd. Target 0.0% 1712-20251003 Plutus Consulting Co., Ltd. Special committee 0.0% 2540-20260225 Plutus Consulting Co., Ltd. Special committee 0.0% 2692-20260226 Yamada & Partners Advisory Co., Ltd. Target 0.0% 3546-20260213 Akasaka International Accounting Co., Ltd. Target -1.0%〜1.0% 3902-20251216 MUFG Bank, Ltd., Corporate Information Sales Division, Financial Development Office Target -0.3%〜0.3% 4690-20260202 Plutus Consulting Co., Ltd. Special committee 0.0% 4917-20250926 Plutus Consulting Co., Ltd. Special committee 0.0% 4917-20250926 Plutus Consulting Co., Ltd. Special committee 0.0% 4974-20260216 Plutus Consulting Co., Ltd. Special committee 0.0% 5191-20251031 Plutus Consulting Co., Ltd. Target 0.0% 5596-20251113 Plutus Consulting Co., Ltd. Target 0.0% 5903-20260430 Plutus Consulting Co., Ltd. Special committee 0.0% 7092-20251202 Plutus Consulting Co., Ltd. Special committee 0.0% 7450-20260109 Plutus Consulting Co., Ltd. Special committee 0.0% 7450-20260109 Mizuho Securities Co., Ltd. Target -0.1%〜0.1% 7450-20260109 Mizuho Securities Co., Ltd. Target -0.1%〜0.1% 7450-20260109 Tokyo Kyodo Accounting Office Target -0.5%〜0.5% 7490-20260512 Stream Co., Ltd. Target -0.3%〜0.3% 7523-20260713 Nomura Securities Co., Ltd. Target -0.3%〜0.3% 7739-20251201 J-TAP Advisory Co., Ltd. Target -0.5%〜0.5% 7922-20260204 Plutus Consulting Co., Ltd. Special committee 0.0% 8283-20260512 Plutus Consulting Co., Ltd. Special committee 0.0% 9927-20260216 Nomura Securities Co., Ltd. Target 0.0%〜0.5% 6197-20260325 Yamada Consulting Group Co., Ltd. Target 0.0%〜1.0% 1841-20251113 Yamada Consulting Group Co., Ltd. Special committee 0.0%〜1.0% 2371-20260513 SMBC Nikko Securities Inc. Target 0.0%〜1.0% 2371-20260513 Yamada Consulting Group Co., Ltd. Target 0.0%〜1.0% 2374-20251110 Tokyo Kyodo Accounting Office Target 0.0%〜1.0% 2692-20260226 KPMG FAS Co., Ltd. Target 0.0%〜1.0% 3094-20251016 Plutus Consulting Co., Ltd. Special committee 0.0%〜1.0% 3276-20260804 EY Strategy and Consulting Co., Ltd. Target 0.0%〜1.0% 3276-20260804 Tasuki Consulting Co., Ltd. Target 0.0%〜1.0% 4171-20260521 SMBC Nikko Securities Inc. Target 0.0%〜1.0% 4413-20260819 Frontier Management Inc. Special committee 0.0%〜1.0% 4722-20260730 Plutus Consulting Co., Ltd. Target 0.0%〜1.0% 4722-20260730 Yamada Consulting Group Co., Ltd. Target 0.0%〜1.0% 4957-20251104 SMBC Nikko Securities Inc. Target 0.0%〜1.0% 5352-20260202 Yamada Consulting Group Co., Ltd. Target 0.0%〜1.0% 5484-20260518 Yamada & Partners Advisory Co., Ltd. Target 0.0%〜1.0% 6403-20260206 SBI Securities Co., Ltd. Target 0.0%〜1.0% 7082-20260518 Yamada Consulting Group Co., Ltd. Target 0.0%〜1.0% 7183-20260513 Maxus Corporate Advisory Co., Ltd. Target 0.0%〜1.0% 7455-20251113 SMBC Nikko Securities Inc. Target 0.0%〜1.0% 7475-20260909 Trustees Advisory Co., Ltd. Target 0.0%〜1.0% 7635-20251113 SMBC Nikko Securities Inc. Target 0.0%〜1.0% 9338-20260216 Yamada Consulting Group Co., Ltd. Target 0.0%〜1.0% 9927-20260216 Nomura Securities Co., Ltd. Target 0.3%〜1.3% 3593-20251218 Nomura Securities Co., Ltd. Target 0.3%〜1.3% 9719-20251030 Deloitte Tohmatsu LLC Target 0.5%〜1.5% 1776-20260310 Trustees Advisory Co., Ltd. Target 0.8%〜1.3% 2162-20260601 Mitsubishi UFJ Morgan Stanley Securities Co., Ltd. Target 0.8%〜1.3% 2540-20260225 KPMG FAS Co., Ltd. Target 0.5%〜1.5% 4384-20251212 KPMG FAS Co., Ltd. Target 0.0%〜2.0% 4464-20260122 Daiwa Securities Co., Ltd. Target 0.5%〜1.5% 4917-20250926 Daiwa Securities Co., Ltd. Target 0.5%〜1.5% 4917-20250926 Daiwa Securities Co., Ltd. Target 0.0%〜2.0% 5191-20251031 SMBC Nikko Securities Inc. Target 0.8%〜1.3% 6201-20260115 Mizuho Securities Co., Ltd. Target 0.0%〜2.0% 6670-20260206 Daiwa Securities Co., Ltd. Target 0.5%〜1.5% 7092-20251202 AGS FAS Co., Ltd. Special committee 0.5%〜1.5% 7455-20251113 Daiwa Securities Co., Ltd. Target 0.5%〜1.5% 8283-20260512 Mizuho Securities Co., Ltd. Target 0.5%〜1.5% 9067-20260126 Mizuho Securities Co., Ltd. Target 0.5%〜1.5% 9067-20260126 AGS FAS Co., Ltd. Target 0.6%〜1.9% 4800-20260529 AGS FAS Co., Ltd. Target 0.6%〜1.9% 9691-20260515 AGS FAS Co., Ltd. Special committee 0.5%〜2.0% 1776-20260310 PwC Advisory LLC Special committee 0.8%〜1.8% 3593-20251218 AGS FAS Co., Ltd. Target 0.5%〜2.0% 7743-20260827 J-TAP Advisory Co., Ltd. Target 1.0%〜2.0% 1909-20260514 Mizuho Securities Co., Ltd. Target 1.0%〜2.0% 2612-20260915 Maxus Corporate Advisory Co., Ltd. Special committee 1.0%〜2.0% 3676-20260807 KPMG FAS Co., Ltd. Target 1.0%〜2.0% 3676-20260807 KPMG FAS Co., Ltd. Target 1.0%〜2.0% 5644-20260515 EY Strategy and Consulting Co., Ltd. Target 1.5%〜2.0% 2180-20260514 EY Strategy and Consulting Co., Ltd. Target 1.5%〜2.0% 6201-20260115 PwC Advisory LLC Special committee 1.5%〜2.0% 7743-20260827 Mizuho Securities Co., Ltd. Target 1.0%〜3.0% 4420-20260902 Daiwa Securities Co., Ltd. Target 2.0%〜3.0% 4917-20250926 Daiwa Securities Co., Ltd. Target 2.5%〜3.5% 4974-20260216 Daiwa Securities Co., Ltd. Target 5.0%〜6.0% 4917-20250926
Special committee's valuer vs the target's valuer (same deal) Only deals where the target and its special committee each obtained a DCF valuation from a different valuer. Where one side has several valuers, their median is used. The chart shows the discount rate (one row per deal, sorted by the difference).
In 14 of 21 deals the special committee's valuer used a lower discount rate; in 7 a higher one.
ITOCHU-SHOKUHIN Co., Ltd.: Target's valuer 10.6% / Special committee's valuer 8.1% (-2.48pt) ITOCHU-SHOKUHIN Co., … ITOCHU-SHOKUHIN Co., Ltd.: Target's valuer 10.6% / Special committee's valuer 8.1% (-2.48pt) ITOCHU-SHOKUHIN Co., Ltd.: Target's valuer 10.6% / Special committee's valuer 8.1% (-2.48pt) MANDOM CORPORATION: Target's valuer 10.6% / Special committee's valuer 8.8% (-1.84pt) MANDOM CORPORATION MANDOM CORPORATION: Target's valuer 10.6% / Special committee's valuer 8.8% (-1.84pt) MANDOM CORPORATION: Target's valuer 10.6% / Special committee's valuer 8.8% (-1.84pt) WATT MANN CO., LTD.: Target's valuer 9.0% / Special committee's valuer 7.4% (-1.63pt) WATT MANN CO., LTD. WATT MANN CO., LTD.: Target's valuer 9.0% / Special committee's valuer 7.4% (-1.63pt) WATT MANN CO., LTD.: Target's valuer 9.0% / Special committee's valuer 7.4% (-1.63pt) PARIS MIKI HOLDINGS Inc.: Target's valuer 7.6% / Special committee's valuer 6.0% (-1.56pt) PARIS MIKI HOLDINGS I… PARIS MIKI HOLDINGS Inc.: Target's valuer 7.6% / Special committee's valuer 6.0% (-1.56pt) PARIS MIKI HOLDINGS Inc.: Target's valuer 7.6% / Special committee's valuer 6.0% (-1.56pt) KROSAKI HARIMA CORPORATION: Target's valuer 7.3% / Special committee's valuer 6.1% (-1.22pt) KROSAKI HARIMA CORPOR… KROSAKI HARIMA CORPORATION: Target's valuer 7.3% / Special committee's valuer 6.1% (-1.22pt) KROSAKI HARIMA CORPORATION: Target's valuer 7.3% / Special committee's valuer 6.1% (-1.22pt) Kakaku.com,Inc.: Target's valuer 8.9% / Special committee's valuer 7.7% (-1.19pt) Kakaku.com,Inc. Kakaku.com,Inc.: Target's valuer 8.9% / Special committee's valuer 7.7% (-1.19pt) Kakaku.com,Inc.: Target's valuer 8.9% / Special committee's valuer 7.7% (-1.19pt) Fast Fitness Japan Incorporated: Target's valuer 10.2% / Special committee's valuer 9.1% (-1.09pt) Fast Fitness Japan In… Fast Fitness Japan Incorporated: Target's valuer 10.2% / Special committee's valuer 9.1% (-1.09pt) Fast Fitness Japan Incorporated: Target's valuer 10.2% / Special committee's valuer 9.1% (-1.09pt) SUMIKEN MITSUI ROAD CO.,LTD.: Target's valuer 8.8% / Special committee's valuer 8.3% (-0.50pt) SUMIKEN MITSUI ROAD C… SUMIKEN MITSUI ROAD CO.,LTD.: Target's valuer 8.8% / Special committee's valuer 8.3% (-0.50pt) SUMIKEN MITSUI ROAD CO.,LTD.: Target's valuer 8.8% / Special committee's valuer 8.3% (-0.50pt) SUNDAY CO.,LTD.: Target's valuer 3.7% / Special committee's valuer 3.3% (-0.45pt) SUNDAY CO.,LTD. SUNDAY CO.,LTD.: Target's valuer 3.7% / Special committee's valuer 3.3% (-0.45pt) SUNDAY CO.,LTD.: Target's valuer 3.7% / Special committee's valuer 3.3% (-0.45pt) TAKARA BIO INC.: Target's valuer 8.1% / Special committee's valuer 7.7% (-0.40pt) TAKARA BIO INC. TAKARA BIO INC.: Target's valuer 8.1% / Special committee's valuer 7.7% (-0.40pt) TAKARA BIO INC.: Target's valuer 8.1% / Special committee's valuer 7.7% (-0.40pt) RAKSUL INC.: Target's valuer 8.4% / Special committee's valuer 8.1% (-0.35pt) RAKSUL INC. RAKSUL INC.: Target's valuer 8.4% / Special committee's valuer 8.1% (-0.35pt) RAKSUL INC.: Target's valuer 8.4% / Special committee's valuer 8.1% (-0.35pt) PALTAC CORPORATION: Target's valuer 7.9% / Special committee's valuer 7.6% (-0.30pt) PALTAC CORPORATION PALTAC CORPORATION: Target's valuer 7.9% / Special committee's valuer 7.6% (-0.30pt) PALTAC CORPORATION: Target's valuer 7.9% / Special committee's valuer 7.6% (-0.30pt) YOMEISHU SEIZO CO.,LTD.: Target's valuer 6.5% / Special committee's valuer 6.3% (-0.20pt) YOMEISHU SEIZO CO.,LT… YOMEISHU SEIZO CO.,LTD.: Target's valuer 6.5% / Special committee's valuer 6.3% (-0.20pt) YOMEISHU SEIZO CO.,LTD.: Target's valuer 6.5% / Special committee's valuer 6.3% (-0.20pt) JPMC Co., Ltd.: Target's valuer 8.5% / Special committee's valuer 8.4% (-0.10pt) JPMC Co., Ltd. JPMC Co., Ltd.: Target's valuer 8.5% / Special committee's valuer 8.4% (-0.10pt) JPMC Co., Ltd.: Target's valuer 8.5% / Special committee's valuer 8.4% (-0.10pt) Future Corporation: Target's valuer 8.7% / Special committee's valuer 8.8% (+0.14pt) Future Corporation Future Corporation: Target's valuer 8.7% / Special committee's valuer 8.8% (+0.14pt) Future Corporation: Target's valuer 8.7% / Special committee's valuer 8.8% (+0.14pt) SEED CO.,LTD.: Target's valuer 7.1% / Special committee's valuer 7.3% (+0.23pt) SEED CO.,LTD. SEED CO.,LTD.: Target's valuer 7.1% / Special committee's valuer 7.3% (+0.23pt) SEED CO.,LTD.: Target's valuer 7.1% / Special committee's valuer 7.3% (+0.23pt) DIGITAL HEARTS HOLDINGS Co., Ltd.: Target's valuer 10.0% / Special committee's valuer 10.8% (+0.80pt) DIGITAL HEARTS HOLDIN… DIGITAL HEARTS HOLDINGS Co., Ltd.: Target's valuer 10.0% / Special committee's valuer 10.8% (+0.80pt) DIGITAL HEARTS HOLDINGS Co., Ltd.: Target's valuer 10.0% / Special committee's valuer 10.8% (+0.80pt) SCSK Corporation: Target's valuer 5.8% / Special committee's valuer 6.7% (+0.90pt) SCSK Corporation SCSK Corporation: Target's valuer 5.8% / Special committee's valuer 6.7% (+0.90pt) SCSK Corporation: Target's valuer 5.8% / Special committee's valuer 6.7% (+0.90pt) HOGY MEDICAL CO.,LTD.: Target's valuer 5.8% / Special committee's valuer 6.9% (+1.15pt) HOGY MEDICAL CO.,LTD. HOGY MEDICAL CO.,LTD.: Target's valuer 5.8% / Special committee's valuer 6.9% (+1.15pt) HOGY MEDICAL CO.,LTD.: Target's valuer 5.8% / Special committee's valuer 6.9% (+1.15pt) baudroie,inc.: Target's valuer 9.1% / Special committee's valuer 10.4% (+1.25pt) baudroie,inc. baudroie,inc.: Target's valuer 9.1% / Special committee's valuer 10.4% (+1.25pt) baudroie,inc.: Target's valuer 9.1% / Special committee's valuer 10.4% (+1.25pt) Sumitomo Riko Company Limited: Target's valuer 9.0% / Special committee's valuer 10.3% (+1.25pt) Sumitomo Riko Company… Sumitomo Riko Company Limited: Target's valuer 9.0% / Special committee's valuer 10.3% (+1.25pt) Sumitomo Riko Company Limited: Target's valuer 9.0% / Special committee's valuer 10.3% (+1.25pt) 4% 6% 8% 10% Metric Deals Committee higher Same Committee lower Median difference Discount rate 21 7 0 14 -0.35pt Perpetual growth rate 17 4 5 8 0.00pt Value per share (range midpoint) 29 14 0 15 -0.6%
Show as table Target Target's valuer Special committee's valuer Difference ITOCHU-SHOKUHIN Co., Ltd. 10.6% 8.1% -2.48pt MANDOM CORPORATION 10.6% 8.8% -1.84pt WATT MANN CO., LTD. 9.0% 7.4% -1.63pt PARIS MIKI HOLDINGS Inc. 7.6% 6.0% -1.56pt KROSAKI HARIMA CORPORATION 7.3% 6.1% -1.22pt Kakaku.com,Inc. 8.9% 7.7% -1.19pt Fast Fitness Japan Incorporated 10.2% 9.1% -1.09pt SUMIKEN MITSUI ROAD CO.,LTD. 8.8% 8.3% -0.50pt SUNDAY CO.,LTD. 3.7% 3.3% -0.45pt TAKARA BIO INC. 8.1% 7.7% -0.40pt RAKSUL INC. 8.4% 8.1% -0.35pt PALTAC CORPORATION 7.9% 7.6% -0.30pt YOMEISHU SEIZO CO.,LTD. 6.5% 6.3% -0.20pt JPMC Co., Ltd. 8.5% 8.4% -0.10pt Future Corporation 8.7% 8.8% +0.14pt SEED CO.,LTD. 7.1% 7.3% +0.23pt DIGITAL HEARTS HOLDINGS Co., Ltd. 10.0% 10.8% +0.80pt SCSK Corporation 5.8% 6.7% +0.90pt HOGY MEDICAL CO.,LTD. 5.8% 6.9% +1.15pt baudroie,inc. 9.1% 10.4% +1.25pt Sumitomo Riko Company Limited 9.0% 10.3% +1.25pt
Offer price vs the target-side DCF range Where the offer price falls in the DCF value-per-share range obtained by the target or its special committee (per deal and valuer). (n=125)
Below the range Below the range: 0 0 (0.0%) In range (lower half) In range (lower half): 40 40 (32.0%) In range (upper half) In range (upper half): 64 64 (51.2%) Above the range Above the range: 21 21 (16.8%) Show as table ID Valuer Engaged by Offer price Range Position 1712-20251003 株式会社プルータス・コンサルティング Target 1,850 1,583〜1,894 In range (upper half) 1726-20260205 野村證券株式会社 Target 530 383〜696 In range (lower half) 1776-20260310 株式会社AGS FAS Special committee 2,000 1,708〜2,099 In range (upper half) 1776-20260310 合同会社デロイト トーマツ Target 2,000 1,823〜2,147 In range (upper half) 1841-20251113 山田コンサルティンググループ株式会社 Target 1,600 1,451〜1,788 In range (lower half) 1909-20260514 株式会社J-TAPアドバイザリー Target 3,730 2,700〜3,735 In range (upper half) 1948-20260526 大和証券株式会社 Target 11,501 3,302〜4,013 Above the range 1949-20251031 三菱UFJモルガン・スタンレー証券株式会社 Special committee 9,760 7,271〜9,026 Above the range 1949-20251031 野村證券株式会社 Target 9,760 7,262〜8,675 Above the range 202A-20260126 山田コンサルティンググループ株式会社 Special committee 3,551 3,015〜4,164 In range (lower half) 202A-20260126 合同会社デロイト トーマツ Target 3,551 3,052〜4,303 In range (lower half) 2162-20260601 トラスティーズ・アドバイザリー株式会社 Target 540 449〜587 In range (upper half) 2180-20260514 EYストラテジー・アンド・コンサルティング株式会社 Target 1,320 1,313〜1,933 In range (lower half) 2371-20260513 山田コンサルティンググループ株式会社 Special committee 3,680 2,344〜3,303 Above the range 2371-20260513 SMBC日興証券株式会社 Target 3,680 2,013〜3,378 Above the range 2374-20251110 山田コンサルティンググループ株式会社 Target 1,220 869〜1,278 In range (upper half) 2540-20260225 株式会社プルータス・コンサルティング Special committee 4,050 4,015〜4,263 In range (lower half) 2540-20260225 三菱UFJモルガン・スタンレー証券株式会社 Target 4,050 3,779〜4,121 In range (upper half) 2612-20260915 みずほ証券株式会社 Target 2,514 2,203〜3,970 In range (lower half) 2692-20260226 株式会社プルータス・コンサルティング Special committee 13,000 11,523〜15,763 In range (lower half) 2692-20260226 東京共同会計事務所 Target 13,000 11,319〜13,606 In range (upper half) 2997-20260709 株式会社プルータス・コンサルティング Target 1,340 1,091〜1,724 In range (lower half) 3094-20251016 株式会社KPMG FAS Target 795 699〜949 In range (lower half) 3271-20260407 株式会社KPMG FAS Target 1,280 1,148〜1,559 In range (lower half) 3276-20260804 株式会社プルータス・コンサルティング Special committee 2,270 2,020〜2,438 In range (upper half) 3276-20260804 EYストラテジー・アンド・コンサルティング株式会社 Target 2,270 2,040〜2,446 In range (upper half) 3294-20260401 株式会社プルータス・コンサルティング Target 4,858 2,010〜3,463 Above the range 3480-20260615 三菱UFJモルガン・スタンレー証券株式会社 Target 9,000 3,914〜5,211 Above the range 3541-20251226 合同会社デロイト トーマツ Target 767 665〜825 In range (upper half) 3544-20260622 株式会社プルータス・コンサルティング Target 1,260 1,070〜1,450 In range (upper half) 3546-20260213 山田&パートナーズアドバイザリー株式会社 Target 1,465 1,460〜3,421 In range (lower half) 3593-20251218 PwCアドバイザリー合同会社 Special committee 6,700 5,187〜6,838 In range (upper half) 3593-20251218 野村證券株式会社 Target 6,700 5,640〜7,189 In range (upper half) 3655-20251031 野村證券株式会社 Target 2,706 2,083〜3,225 In range (upper half) 3676-20260807 マクサス・コーポレートアドバイザリー株式会社 Special committee 1,060 953〜1,175 In range (lower half) 3676-20260807 株式会社KPMG FAS Target 1,060 986〜1,213 In range (lower half) 3902-20251216 株式会社赤坂国際会計 Target 1,693 1,006〜1,437 Above the range 3961-20251117 株式会社赤坂国際会計 Special committee 770 704〜740 Above the range 3961-20251117 株式会社ディープインパクト Target 770 649〜717 Above the range 3989-20260910 株式会社JOIB Target 1,550 1,279〜1,521 Above the range 4171-20260521 株式会社たすきコンサルティング Target 1,680 1,562〜1,729 In range (upper half) 4320-20260806 株式会社AGS FAS Target 1,650 890〜1,304 Above the range 4384-20251212 株式会社プルータス・コンサルティング Special committee 1,900 1,155〜1,847 Above the range 4384-20251212 株式会社KPMG FAS Target 1,900 1,436〜1,951 In range (upper half) 4413-20260819 株式会社プルータス・コンサルティング Special committee 2,970 2,091〜3,425 In range (upper half) 4413-20260819 SMBC日興証券株式会社 Target 2,970 1,694〜3,037 In range (upper half) 4420-20260902 みずほ証券株式会社 Target 820 558〜892 In range (upper half) 4464-20260122 株式会社KPMG FAS Target 4,100 2,320〜2,893 Above the range 4530-20260107 三菱UFJモルガン・スタンレー証券株式会社 Target 6,082 5,578〜6,570 In range (upper half) 4556-20260209 みずほ証券株式会社 Target 2,285 1,735〜2,835 In range (upper half) 4659-20260220 大和証券株式会社 Target 4,450 3,970〜4,913 In range (upper half) 4690-20260202 株式会社三菱UFJ銀行コーポレート情報営業部財務開発室 Target 2,510 1,860〜3,358 In range (lower half) 4722-20260730 フロンティア・マネジメント株式会社 Special committee 2,451 2,188〜2,863 In range (lower half) 4722-20260730 株式会社プルータス・コンサルティング Target 2,451 2,003〜2,686 In range (upper half) 4800-20260529 株式会社AGS FAS Target 1,370 1,038〜1,294 Above the range 4800-20260529 株式会社AGS FAS Target 1,370 1,038〜1,294 Above the range 4834-20260304 株式会社アイ・アール ジャパン Target 1,755 1,503〜1,833 In range (upper half) 4917-20250926 株式会社プルータス・コンサルティング Special committee 3,105 1,778〜2,902 Above the range 4917-20250926 大和証券株式会社 Target 3,105 1,649〜2,454 Above the range 4957-20251104 山田コンサルティンググループ株式会社 Target 1,380 1,186〜1,612 In range (lower half) 4974-20260216 株式会社プルータス・コンサルティング Special committee 1,150 661〜1,247 In range (upper half) 4974-20260216 大和証券株式会社 Target 1,150 777〜1,171 In range (upper half) 5191-20251031 株式会社プルータス・コンサルティング Special committee 2,600 2,326〜2,800 In range (upper half) 5191-20251031 大和証券株式会社 Target 2,600 2,040〜3,005 In range (upper half) 5352-20260202 株式会社プルータス・コンサルティング Special committee 4,200 3,210〜4,794 In range (upper half) 5352-20260202 SMBC日興証券株式会社 Target 4,200 3,063〜5,397 In range (lower half) 5484-20260518 山田コンサルティンググループ株式会社 Target 4,491 3,890〜4,654 In range (upper half) 5596-20251113 株式会社プルータス・コンサルティング Target 1,800 1,528〜2,489 In range (lower half) 5644-20260515 株式会社KPMG FAS Target 7,713 6,909〜8,224 In range (upper half) 5903-20260430 株式会社プルータス・コンサルティング Target 1,700 1,416〜1,937 In range (upper half) 6197-20260325 野村證券株式会社 Target 1,119 611〜1,407 In range (upper half) 6201-20260115 三菱UFJモルガン・スタンレー証券株式会社 Special committee 20,600 17,331〜23,392 In range (upper half) 6201-20260115 EYストラテジー・アンド・コンサルティング株式会社 Target 20,600 16,820〜20,458 Above the range 6201-20260115 SMBC日興証券株式会社 Target 20,600 14,111〜21,463 In range (upper half) 6201-20260115 SMBC日興証券株式会社 Target 20,600 14,376〜21,217 In range (upper half) 6403-20260206 山田&パートナーズアドバイザリー株式会社 Target 4,050 3,564〜5,065 In range (lower half) 6406-20251114 野村證券株式会社 Special committee 5,700 5,370〜9,125 In range (lower half) 6406-20251114 UBS証券株式会社 Target 5,700 5,154〜7,253 In range (lower half) 6670-20260206 みずほ証券株式会社 Target 2,200 1,698〜2,596 In range (upper half) 6734-20251219 三菱UFJモルガン・スタンレー証券株式会社 Target 2,650 2,318〜2,723 In range (upper half) 6901-20251222 マクサス・コーポレートアドバイザリー株式会社 Target 1,303 1,009〜1,600 In range (lower half) 6977-20260918 みずほ証券株式会社 Target 1,901 1,181〜2,019 In range (upper half) 7082-20260518 株式会社SBI証券 Target 1,420 1,226〜1,626 In range (lower half) 7088-20251111 山田コンサルティンググループ株式会社 Special committee 1,710 1,554〜1,972 In range (lower half) 7088-20251111 デロイト トーマツ ファイナンシャルアドバイザリー合同会社 Target 1,710 1,566〜1,993 In range (lower half) 7092-20251202 株式会社プルータス・コンサルティング Special committee 2,315 1,879〜2,856 In range (lower half) 7092-20251202 大和証券株式会社 Target 2,315 2,032〜2,900 In range (lower half) 7105-20260121 株式会社プルータス・コンサルティング Special committee 1,537 1,221〜1,821 In range (upper half) 7105-20260121 野村證券株式会社 Target 1,537 1,386〜2,915 In range (lower half) 7183-20260513 山田コンサルティンググループ株式会社 Target 257 240〜304 In range (lower half) 7229-20260209 株式会社プルータス・コンサルティング Target 3,024 2,445〜3,228 In range (upper half) 7317-20260519 野村證券株式会社 Target 1,110 886〜1,951 In range (lower half) 7426-20260602 Japan Blue M&Aアドバイザリー株式会社 Target 601 383〜751 In range (upper half) 7450-20260109 株式会社プルータス・コンサルティング Special committee 1,280 701〜1,557 In range (upper half) 7450-20260109 みずほ証券株式会社 Target 1,280 933〜1,394 In range (upper half) 7455-20251113 株式会社AGS FAS Special committee 581 477〜622 In range (upper half) 7455-20251113 マクサス・コーポレートアドバイザリー株式会社 Target 581 475〜604 In range (upper half) 7475-20260909 SMBC日興証券株式会社 Target 3,780 2,311〜4,148 In range (upper half) 7490-20260512 東京共同会計事務所 Target 2,210 2,019〜2,315 In range (upper half) 7523-20260713 株式会社ストリーム Target 1,900 1,602〜1,930 In range (upper half) 7635-20251113 トラスティーズ・アドバイザリー株式会社 Target 1,710 1,465〜1,920 In range (upper half) 7718-20251113 SMBC日興証券株式会社 Target 2,210 1,989〜3,262 In range (lower half) 7739-20251201 野村證券株式会社 Target 3,650 2,572〜4,345 In range (upper half) 7743-20260827 PwCアドバイザリー合同会社 Special committee 795 453〜867 In range (upper half) 7743-20260827 株式会社AGS FAS Target 795 504〜960 In range (upper half) 7922-20260204 株式会社J-TAPアドバイザリー Target 726 608〜778 In range (upper half) 7923-20251223 大和証券株式会社 Target 1,187 505〜975 Above the range 7940-20251104 株式会社KPMG FAS Target 921 681〜1,008 In range (upper half) 7999-20260205 野村證券株式会社 Target 7,626 6,309〜10,133 In range (lower half) 8141-20260518 三菱UFJモルガン・スタンレー証券株式会社 Target 1,580 1,358〜1,874 In range (lower half) 8283-20260512 株式会社プルータス・コンサルティング Special committee 6,650 4,962〜6,765 In range (upper half) 8283-20260512 大和証券株式会社 Target 6,650 4,950〜6,776 In range (upper half) 8848-20260915 株式会社プルータス・コンサルティング Special committee 1,000 955〜1,568 In range (lower half) 8848-20260915 みずほ証券株式会社 Target 1,000 945〜1,806 In range (lower half) 9067-20260126 みずほ証券株式会社 Target 949 644〜962 In range (upper half) 9338-20260216 SMBC日興証券株式会社 Target 4,560 3,706〜5,243 In range (upper half) 9600-20251003 三菱UFJモルガン・スタンレー証券株式会社 Target 2,530 1,959〜2,742 In range (upper half) 9691-20260515 株式会社AGS FAS Target 5,200 4,366〜6,071 In range (lower half) 9719-20251030 株式会社プルータス・コンサルティング Special committee 5,700 4,651〜5,920 In range (upper half) 9719-20251030 野村證券株式会社 Target 5,700 4,356〜6,749 In range (upper half) 9927-20260216 株式会社プルータス・コンサルティング Special committee 972 837〜1,254 In range (lower half) 9927-20260216 山田コンサルティンググループ株式会社 Target 972 860〜1,089 In range (lower half) E02565-20260302 株式会社三菱UFJ銀行コーポレート情報営業部財務開発室 Target 605 602〜768 In range (lower half) E34684-20260107 みずほ証券株式会社 Target 125,000 83,240〜123,294 Above the range E35423-20251107 PwCアドバイザリー合同会社 Target 67,000 57,426〜70,193 In range (upper half)
Where the price landed: acquirer-side and target-side DCF ranges Deals with a DCF value per share on both the acquirer side and the target side. Each range is shown relative to the offer price (0% = offer price). The target side uses the target's valuer, or the special committee's if the target has none. Where one side has several valuations, the overall low to high is used.
Of 45 deals, the offer price exceeded the top of the acquirer-side range in 4 and fell below the bottom of the target-side range in 0.
The Kodensha,Co.,Ltd.: Offer price ¥11,501 / Acquirer side ¥8,365 〜 ¥11,437 / Target's valuer ¥3,302 〜 ¥4,013 The Kodensha,Co.,Ltd. The Kodensha,Co.,Ltd.: Offer price ¥11,501 / Acquirer side ¥8,365 〜 ¥11,437 / Target's valuer ¥3,302 〜 ¥4,013 The Kodensha,Co.,Ltd.: Offer price ¥11,501 / Acquirer side ¥8,365 〜 ¥11,437 / Target's valuer ¥3,302 〜 ¥4,013 e'grand Co.,Ltd: Offer price ¥4,858 / Acquirer side ¥3,849 〜 ¥5,130 / Target's valuer ¥2,010 〜 ¥3,463 e'grand Co.,Ltd e'grand Co.,Ltd: Offer price ¥4,858 / Acquirer side ¥3,849 〜 ¥5,130 / Target's valuer ¥2,010 〜 ¥3,463 e'grand Co.,Ltd: Offer price ¥4,858 / Acquirer side ¥3,849 〜 ¥5,130 / Target's valuer ¥2,010 〜 ¥3,463 Medical Data Vision Co., Ltd.: Offer price ¥1,693 / Acquirer side ¥1,090 〜 ¥1,575 / Target's valuer ¥1,006 〜 ¥1,437 Medical Data Vision C… Medical Data Vision Co., Ltd.: Offer price ¥1,693 / Acquirer side ¥1,090 〜 ¥1,575 / Target's valuer ¥1,006 〜 ¥1,437 Medical Data Vision Co., Ltd.: Offer price ¥1,693 / Acquirer side ¥1,090 〜 ¥1,575 / Target's valuer ¥1,006 〜 ¥1,437 SUMITOMO DENSETSU CO.,LTD.: Offer price ¥9,760 / Acquirer side ¥6,612 〜 ¥8,692 / Target's valuer ¥7,262 〜 ¥8,675 SUMITOMO DENSETSU CO.… SUMITOMO DENSETSU CO.,LTD.: Offer price ¥9,760 / Acquirer side ¥6,612 〜 ¥8,692 / Target's valuer ¥7,262 〜 ¥8,675 SUMITOMO DENSETSU CO.,LTD.: Offer price ¥9,760 / Acquirer side ¥6,612 〜 ¥8,692 / Target's valuer ¥7,262 〜 ¥8,675 JAPAN RESISTOR MFG.CO.,LTD.: Offer price ¥1,901 / Acquirer side ¥1,315 〜 ¥1,992 / Target's valuer ¥1,181 〜 ¥2,019 JAPAN RESISTOR MFG.CO… JAPAN RESISTOR MFG.CO.,LTD.: Offer price ¥1,901 / Acquirer side ¥1,315 〜 ¥1,992 / Target's valuer ¥1,181 〜 ¥2,019 JAPAN RESISTOR MFG.CO.,LTD.: Offer price ¥1,901 / Acquirer side ¥1,315 〜 ¥1,992 / Target's valuer ¥1,181 〜 ¥2,019 MARUWN CORPORATION: Offer price ¥949 / Acquirer side ¥673 〜 ¥1,099 / Target's valuer ¥644 〜 ¥962 MARUWN CORPORATION MARUWN CORPORATION: Offer price ¥949 / Acquirer side ¥673 〜 ¥1,099 / Target's valuer ¥644 〜 ¥962 MARUWN CORPORATION: Offer price ¥949 / Acquirer side ¥673 〜 ¥1,099 / Target's valuer ¥644 〜 ¥962 TAKARA BIO INC.: Offer price ¥1,150 / Acquirer side ¥1,008 〜 ¥1,395 / Target's valuer ¥777 〜 ¥1,171 TAKARA BIO INC. TAKARA BIO INC.: Offer price ¥1,150 / Acquirer side ¥1,008 〜 ¥1,395 / Target's valuer ¥777 〜 ¥1,171 TAKARA BIO INC.: Offer price ¥1,150 / Acquirer side ¥1,008 〜 ¥1,395 / Target's valuer ¥777 〜 ¥1,171 ALBIS Co.,Ltd.: Offer price ¥3,780 / Acquirer side ¥3,243 〜 ¥4,291 / Target's valuer ¥2,311 〜 ¥4,148 ALBIS Co.,Ltd. ALBIS Co.,Ltd.: Offer price ¥3,780 / Acquirer side ¥3,243 〜 ¥4,291 / Target's valuer ¥2,311 〜 ¥4,148 ALBIS Co.,Ltd.: Offer price ¥3,780 / Acquirer side ¥3,243 〜 ¥4,291 / Target's valuer ¥2,311 〜 ¥4,148 Nippon Dry-Chemical CO.,LTD.: Offer price ¥3,730 / Acquirer side ¥2,716 〜 ¥4,026 / Target's valuer ¥2,700 〜 ¥3,735 Nippon Dry-Chemical C… Nippon Dry-Chemical CO.,LTD.: Offer price ¥3,730 / Acquirer side ¥2,716 〜 ¥4,026 / Target's valuer ¥2,700 〜 ¥3,735 Nippon Dry-Chemical CO.,LTD.: Offer price ¥3,730 / Acquirer side ¥2,716 〜 ¥4,026 / Target's valuer ¥2,700 〜 ¥3,735 TOYOTA INDUSTRIES CORPORATION: Offer price ¥20,600 / Acquirer side ¥17,551 〜 ¥21,050 / Target's valuer ¥14,111 〜 ¥21,463 TOYOTA INDUSTRIES COR… TOYOTA INDUSTRIES CORPORATION: Offer price ¥20,600 / Acquirer side ¥17,551 〜 ¥21,050 / Target's valuer ¥14,111 〜 ¥21,463 TOYOTA INDUSTRIES CORPORATION: Offer price ¥20,600 / Acquirer side ¥17,551 〜 ¥21,050 / Target's valuer ¥14,111 〜 ¥21,463 PALTAC CORPORATION: Offer price ¥6,650 / Acquirer side ¥5,102 〜 ¥8,056 / Target's valuer ¥4,950 〜 ¥6,776 PALTAC CORPORATION PALTAC CORPORATION: Offer price ¥6,650 / Acquirer side ¥5,102 〜 ¥8,056 / Target's valuer ¥4,950 〜 ¥6,776 PALTAC CORPORATION: Offer price ¥6,650 / Acquirer side ¥5,102 〜 ¥8,056 / Target's valuer ¥4,950 〜 ¥6,776 Silver Egg Technology CO.,Ltd.: Offer price ¥770 / Acquirer side ¥684 〜 ¥710 / Target's valuer ¥649 〜 ¥717 Silver Egg Technology… Silver Egg Technology CO.,Ltd.: Offer price ¥770 / Acquirer side ¥684 〜 ¥710 / Target's valuer ¥649 〜 ¥717 Silver Egg Technology CO.,Ltd.: Offer price ¥770 / Acquirer side ¥684 〜 ¥710 / Target's valuer ¥649 〜 ¥717 SUNDAY CO.,LTD.: Offer price ¥1,280 / Acquirer side ¥524 〜 ¥1,480 / Target's valuer ¥933 〜 ¥1,394 SUNDAY CO.,LTD. SUNDAY CO.,LTD.: Offer price ¥1,280 / Acquirer side ¥524 〜 ¥1,480 / Target's valuer ¥933 〜 ¥1,394 SUNDAY CO.,LTD.: Offer price ¥1,280 / Acquirer side ¥524 〜 ¥1,480 / Target's valuer ¥933 〜 ¥1,394 SEED CO.,LTD.: Offer price ¥795 / Acquirer side ¥502 〜 ¥856 / Target's valuer ¥504 〜 ¥960 SEED CO.,LTD. SEED CO.,LTD.: Offer price ¥795 / Acquirer side ¥502 〜 ¥856 / Target's valuer ¥504 〜 ¥960 SEED CO.,LTD.: Offer price ¥795 / Acquirer side ¥502 〜 ¥856 / Target's valuer ¥504 〜 ¥960 Daiseki Eco. Solution Co.,Ltd.: Offer price ¥1,850 / Acquirer side ¥1,392 〜 ¥2,146 / Target's valuer ¥1,583 〜 ¥1,894 Daiseki Eco. Solution… Daiseki Eco. Solution Co.,Ltd.: Offer price ¥1,850 / Acquirer side ¥1,392 〜 ¥2,146 / Target's valuer ¥1,583 〜 ¥1,894 Daiseki Eco. Solution Co.,Ltd.: Offer price ¥1,850 / Acquirer side ¥1,392 〜 ¥2,146 / Target's valuer ¥1,583 〜 ¥1,894 Yamadai Corporation: Offer price ¥601 / Acquirer side ¥162 〜 ¥673 / Target's valuer ¥383 〜 ¥751 Yamadai Corporation Yamadai Corporation: Offer price ¥601 / Acquirer side ¥162 〜 ¥673 / Target's valuer ¥383 〜 ¥751 Yamadai Corporation: Offer price ¥601 / Acquirer side ¥162 〜 ¥673 / Target's valuer ¥383 〜 ¥751 CANON ELECTRONICS INC.: Offer price ¥3,650 / Acquirer side ¥2,717 〜 ¥4,044 / Target's valuer ¥2,572 〜 ¥4,345 CANON ELECTRONICS INC. CANON ELECTRONICS INC.: Offer price ¥3,650 / Acquirer side ¥2,717 〜 ¥4,044 / Target's valuer ¥2,572 〜 ¥4,345 CANON ELECTRONICS INC.: Offer price ¥3,650 / Acquirer side ¥2,717 〜 ¥4,044 / Target's valuer ¥2,572 〜 ¥4,345 CAREER BANK CO.,LTD: Offer price ¥1,755 / Acquirer side ¥1,531 〜 ¥1,845 / Target's valuer ¥1,503 〜 ¥1,833 CAREER BANK CO.,LTD CAREER BANK CO.,LTD: Offer price ¥1,755 / Acquirer side ¥1,531 〜 ¥1,845 / Target's valuer ¥1,503 〜 ¥1,833 CAREER BANK CO.,LTD: Offer price ¥1,755 / Acquirer side ¥1,531 〜 ¥1,845 / Target's valuer ¥1,503 〜 ¥1,833 Newtech Co., Ltd.: Offer price ¥2,650 / Acquirer side ¥2,341 〜 ¥2,850 / Target's valuer ¥2,318 〜 ¥2,723 Newtech Co., Ltd. Newtech Co., Ltd.: Offer price ¥2,650 / Acquirer side ¥2,341 〜 ¥2,850 / Target's valuer ¥2,318 〜 ¥2,723 Newtech Co., Ltd.: Offer price ¥2,650 / Acquirer side ¥2,341 〜 ¥2,850 / Target's valuer ¥2,318 〜 ¥2,723 Tohoku Steel Co.,Ltd.: Offer price ¥4,491 / Acquirer side ¥3,354 〜 ¥4,549 / Target's valuer ¥3,890 〜 ¥4,654 Tohoku Steel Co.,Ltd. Tohoku Steel Co.,Ltd.: Offer price ¥4,491 / Acquirer side ¥3,354 〜 ¥4,549 / Target's valuer ¥3,890 〜 ¥4,654 Tohoku Steel Co.,Ltd.: Offer price ¥4,491 / Acquirer side ¥3,354 〜 ¥4,549 / Target's valuer ¥3,890 〜 ¥4,654 Japan Infrastructure Fund Investment Corporation: Offer price ¥67,000 / Acquirer side ¥56,138 〜 ¥70,786 / Target's valuer ¥57,426 〜 ¥70,193 Japan Infrastructure … Japan Infrastructure Fund Investment Corporation: Offer price ¥67,000 / Acquirer side ¥56,138 〜 ¥70,786 / Target's valuer ¥57,426 〜 ¥70,193 Japan Infrastructure Fund Investment Corporation: Offer price ¥67,000 / Acquirer side ¥56,138 〜 ¥70,786 / Target's valuer ¥57,426 〜 ¥70,193 ITOCHU-SHOKUHIN Co., Ltd.: Offer price ¥13,000 / Acquirer side ¥9,300 〜 ¥14,256 / Target's valuer ¥11,319 〜 ¥13,606 ITOCHU-SHOKUHIN Co., … ITOCHU-SHOKUHIN Co., Ltd.: Offer price ¥13,000 / Acquirer side ¥9,300 〜 ¥14,256 / Target's valuer ¥11,319 〜 ¥13,606 ITOCHU-SHOKUHIN Co., Ltd.: Offer price ¥13,000 / Acquirer side ¥9,300 〜 ¥14,256 / Target's valuer ¥11,319 〜 ¥13,606 nms Holdings Corporation: Offer price ¥540 / Acquirer side ¥330 〜 ¥604 / Target's valuer ¥449 〜 ¥587 nms Holdings Corporat… nms Holdings Corporation: Offer price ¥540 / Acquirer side ¥330 〜 ¥604 / Target's valuer ¥449 〜 ¥587 nms Holdings Corporation: Offer price ¥540 / Acquirer side ¥330 〜 ¥604 / Target's valuer ¥449 〜 ¥587 Sumitomo Riko Company Limited: Offer price ¥2,600 / Acquirer side ¥2,222 〜 ¥3,627 / Target's valuer ¥2,040 〜 ¥3,005 Sumitomo Riko Company… Sumitomo Riko Company Limited: Offer price ¥2,600 / Acquirer side ¥2,222 〜 ¥3,627 / Target's valuer ¥2,040 〜 ¥3,005 Sumitomo Riko Company Limited: Offer price ¥2,600 / Acquirer side ¥2,222 〜 ¥3,627 / Target's valuer ¥2,040 〜 ¥3,005 Nousouken Corporation: Offer price ¥767 / Acquirer side ¥606 〜 ¥929 / Target's valuer ¥665 〜 ¥825 Nousouken Corporation Nousouken Corporation: Offer price ¥767 / Acquirer side ¥606 〜 ¥929 / Target's valuer ¥665 〜 ¥825 Nousouken Corporation: Offer price ¥767 / Acquirer side ¥606 〜 ¥929 / Target's valuer ¥665 〜 ¥825 SCSK Corporation: Offer price ¥5,700 / Acquirer side ¥3,662 〜 ¥6,133 / Target's valuer ¥4,356 〜 ¥6,749 SCSK Corporation SCSK Corporation: Offer price ¥5,700 / Acquirer side ¥3,662 〜 ¥6,133 / Target's valuer ¥4,356 〜 ¥6,749 SCSK Corporation: Offer price ¥5,700 / Acquirer side ¥3,662 〜 ¥6,133 / Target's valuer ¥4,356 〜 ¥6,749 Global Information, Inc.: Offer price ¥1,680 / Acquirer side ¥1,564 〜 ¥1,857 / Target's valuer ¥1,562 〜 ¥1,729 Global Information, I… Global Information, Inc.: Offer price ¥1,680 / Acquirer side ¥1,564 〜 ¥1,857 / Target's valuer ¥1,562 〜 ¥1,729 Global Information, Inc.: Offer price ¥1,680 / Acquirer side ¥1,564 〜 ¥1,857 / Target's valuer ¥1,562 〜 ¥1,729 BrainPad Inc.: Offer price ¥2,706 / Acquirer side ¥2,344 〜 ¥3,608 / Target's valuer ¥2,083 〜 ¥3,225 BrainPad Inc. BrainPad Inc.: Offer price ¥2,706 / Acquirer side ¥2,344 〜 ¥3,608 / Target's valuer ¥2,083 〜 ¥3,225 BrainPad Inc.: Offer price ¥2,706 / Acquirer side ¥2,344 〜 ¥3,608 / Target's valuer ¥2,083 〜 ¥3,225 SUMIKEN MITSUI ROAD CO.,LTD.: Offer price ¥2,000 / Acquirer side ¥1,922 〜 ¥2,411 / Target's valuer ¥1,823 〜 ¥2,147 SUMIKEN MITSUI ROAD C… SUMIKEN MITSUI ROAD CO.,LTD.: Offer price ¥2,000 / Acquirer side ¥1,922 〜 ¥2,411 / Target's valuer ¥1,823 〜 ¥2,147 SUMIKEN MITSUI ROAD CO.,LTD.: Offer price ¥2,000 / Acquirer side ¥1,922 〜 ¥2,411 / Target's valuer ¥1,823 〜 ¥2,147 kainos loboratories,inc: Offer price ¥2,285 / Acquirer side ¥2,002 〜 ¥2,649 / Target's valuer ¥1,735 〜 ¥2,835 kainos loboratories,i… kainos loboratories,inc: Offer price ¥2,285 / Acquirer side ¥2,002 〜 ¥2,649 / Target's valuer ¥1,735 〜 ¥2,835 kainos loboratories,inc: Offer price ¥2,285 / Acquirer side ¥2,002 〜 ¥2,649 / Target's valuer ¥1,735 〜 ¥2,835 RYOMO SYSTEMS CO.,LTD.: Offer price ¥5,200 / Acquirer side ¥4,787 〜 ¥7,828 / Target's valuer ¥4,366 〜 ¥6,071 RYOMO SYSTEMS CO.,LTD. RYOMO SYSTEMS CO.,LTD.: Offer price ¥5,200 / Acquirer side ¥4,787 〜 ¥7,828 / Target's valuer ¥4,366 〜 ¥6,071 RYOMO SYSTEMS CO.,LTD.: Offer price ¥5,200 / Acquirer side ¥4,787 〜 ¥7,828 / Target's valuer ¥4,366 〜 ¥6,071 Jmty, Inc.: Offer price ¥1,420 / Acquirer side ¥1,006 〜 ¥1,426 / Target's valuer ¥1,226 〜 ¥1,626 Jmty, Inc. Jmty, Inc.: Offer price ¥1,420 / Acquirer side ¥1,006 〜 ¥1,426 / Target's valuer ¥1,226 〜 ¥1,626 Jmty, Inc.: Offer price ¥1,420 / Acquirer side ¥1,006 〜 ¥1,426 / Target's valuer ¥1,226 〜 ¥1,626 KROSAKI HARIMA CORPORATION: Offer price ¥4,200 / Acquirer side ¥2,819 〜 ¥4,480 / Target's valuer ¥3,063 〜 ¥5,397 KROSAKI HARIMA CORPOR… KROSAKI HARIMA CORPORATION: Offer price ¥4,200 / Acquirer side ¥2,819 〜 ¥4,480 / Target's valuer ¥3,063 〜 ¥5,397 KROSAKI HARIMA CORPORATION: Offer price ¥4,200 / Acquirer side ¥2,819 〜 ¥4,480 / Target's valuer ¥3,063 〜 ¥5,397 Br.Holdings Corporation: Offer price ¥530 / Acquirer side ¥405 〜 ¥679 / Target's valuer ¥383 〜 ¥696 Br.Holdings Corporati… Br.Holdings Corporation: Offer price ¥530 / Acquirer side ¥405 〜 ¥679 / Target's valuer ¥383 〜 ¥696 Br.Holdings Corporation: Offer price ¥530 / Acquirer side ¥405 〜 ¥679 / Target's valuer ¥383 〜 ¥696 Shinko Shoji Co.,Ltd.: Offer price ¥1,580 / Acquirer side ¥1,432 〜 ¥1,724 / Target's valuer ¥1,358 〜 ¥1,874 Shinko Shoji Co.,Ltd. Shinko Shoji Co.,Ltd.: Offer price ¥1,580 / Acquirer side ¥1,432 〜 ¥1,724 / Target's valuer ¥1,358 〜 ¥1,874 Shinko Shoji Co.,Ltd.: Offer price ¥1,580 / Acquirer side ¥1,432 〜 ¥1,724 / Target's valuer ¥1,358 〜 ¥1,874 STORAGE-OH Co.,Ltd.: Offer price ¥1,340 / Acquirer side ¥945 〜 ¥1,895 / Target's valuer ¥1,091 〜 ¥1,724 STORAGE-OH Co.,Ltd. STORAGE-OH Co.,Ltd.: Offer price ¥1,340 / Acquirer side ¥945 〜 ¥1,895 / Target's valuer ¥1,091 〜 ¥1,724 STORAGE-OH Co.,Ltd.: Offer price ¥1,340 / Acquirer side ¥945 〜 ¥1,895 / Target's valuer ¥1,091 〜 ¥1,724 The Global Ltd.: Offer price ¥1,280 / Acquirer side ¥948 〜 ¥1,329 / Target's valuer ¥1,148 〜 ¥1,559 The Global Ltd. The Global Ltd.: Offer price ¥1,280 / Acquirer side ¥948 〜 ¥1,329 / Target's valuer ¥1,148 〜 ¥1,559 The Global Ltd.: Offer price ¥1,280 / Acquirer side ¥948 〜 ¥1,329 / Target's valuer ¥1,148 〜 ¥1,559 Anshin Guarantor Service Co.,Ltd.: Offer price ¥257 / Acquirer side ¥239 〜 ¥304 / Target's valuer ¥240 〜 ¥304 Anshin Guarantor Serv… Anshin Guarantor Service Co.,Ltd.: Offer price ¥257 / Acquirer side ¥239 〜 ¥304 / Target's valuer ¥240 〜 ¥304 Anshin Guarantor Service Co.,Ltd.: Offer price ¥257 / Acquirer side ¥239 〜 ¥304 / Target's valuer ¥240 〜 ¥304 SUIDO KIKO KAISHA,LTD: Offer price ¥4,050 / Acquirer side ¥3,153 〜 ¥4,218 / Target's valuer ¥3,564 〜 ¥5,065 SUIDO KIKO KAISHA,LTD SUIDO KIKO KAISHA,LTD: Offer price ¥4,050 / Acquirer side ¥3,153 〜 ¥4,218 / Target's valuer ¥3,564 〜 ¥5,065 SUIDO KIKO KAISHA,LTD: Offer price ¥4,050 / Acquirer side ¥3,153 〜 ¥4,218 / Target's valuer ¥3,564 〜 ¥5,065 MUTOH HOLDINGS CO., LTD.: Offer price ¥7,626 / Acquirer side ¥6,747 〜 ¥8,114 / Target's valuer ¥6,309 〜 ¥10,133 MUTOH HOLDINGS CO., L… MUTOH HOLDINGS CO., LTD.: Offer price ¥7,626 / Acquirer side ¥6,747 〜 ¥8,114 / Target's valuer ¥6,309 〜 ¥10,133 MUTOH HOLDINGS CO., LTD.: Offer price ¥7,626 / Acquirer side ¥6,747 〜 ¥8,114 / Target's valuer ¥6,309 〜 ¥10,133 OutlookConsulting Co., Ltd.: Offer price ¥1,800 / Acquirer side ¥1,217 〜 ¥2,316 / Target's valuer ¥1,528 〜 ¥2,489 OutlookConsulting Co.… OutlookConsulting Co., Ltd.: Offer price ¥1,800 / Acquirer side ¥1,217 〜 ¥2,316 / Target's valuer ¥1,528 〜 ¥2,489 OutlookConsulting Co., Ltd.: Offer price ¥1,800 / Acquirer side ¥1,217 〜 ¥2,316 / Target's valuer ¥1,528 〜 ¥2,489 SUNNY SIDE UP GROUP Inc.: Offer price ¥1,320 / Acquirer side ¥1,111 〜 ¥1,395 / Target's valuer ¥1,313 〜 ¥1,933 SUNNY SIDE UP GROUP I… SUNNY SIDE UP GROUP Inc.: Offer price ¥1,320 / Acquirer side ¥1,111 〜 ¥1,395 / Target's valuer ¥1,313 〜 ¥1,933 SUNNY SIDE UP GROUP Inc.: Offer price ¥1,320 / Acquirer side ¥1,111 〜 ¥1,395 / Target's valuer ¥1,313 〜 ¥1,933 Matsuya R&D Co.,Ltd: Offer price ¥1,110 / Acquirer side ¥833 〜 ¥1,222 / Target's valuer ¥886 〜 ¥1,951 Matsuya R&D Co.,Ltd Matsuya R&D Co.,Ltd: Offer price ¥1,110 / Acquirer side ¥833 〜 ¥1,222 / Target's valuer ¥886 〜 ¥1,951 Matsuya R&D Co.,Ltd: Offer price ¥1,110 / Acquirer side ¥833 〜 ¥1,222 / Target's valuer ¥886 〜 ¥1,951 LEOPALACE21CORPORATION: Offer price ¥1,000 / Acquirer side ¥1,134 〜 ¥1,322 / Target's valuer ¥945 〜 ¥1,806 LEOPALACE21CORPORATION LEOPALACE21CORPORATION: Offer price ¥1,000 / Acquirer side ¥1,134 〜 ¥1,322 / Target's valuer ¥945 〜 ¥1,806 LEOPALACE21CORPORATION: Offer price ¥1,000 / Acquirer side ¥1,134 〜 ¥1,322 / Target's valuer ¥945 〜 ¥1,806 Alleanza Holdings Co., Ltd.: Offer price ¥1,465 / Acquirer side ¥1,067 〜 ¥1,637 / Target's valuer ¥1,460 〜 ¥3,421 Alleanza Holdings Co.… Alleanza Holdings Co., Ltd.: Offer price ¥1,465 / Acquirer side ¥1,067 〜 ¥1,637 / Target's valuer ¥1,460 〜 ¥3,421 Alleanza Holdings Co., Ltd.: Offer price ¥1,465 / Acquirer side ¥1,067 〜 ¥1,637 / Target's valuer ¥1,460 〜 ¥3,421 Offer price -50% 0% +50% +100% Offer price position Below the range In range (lower half) In range (upper half) Above the range vs the acquirer-side range 1 11 29 4 vs the target-side range 0 15 25 5
Show as table Target Offer price Acquirer side Target The Kodensha,Co.,Ltd. ¥11,501 ¥8,365 〜 ¥11,437 ¥3,302 〜 ¥4,013 e'grand Co.,Ltd ¥4,858 ¥3,849 〜 ¥5,130 ¥2,010 〜 ¥3,463 Medical Data Vision Co., Ltd. ¥1,693 ¥1,090 〜 ¥1,575 ¥1,006 〜 ¥1,437 SUMITOMO DENSETSU CO.,LTD. ¥9,760 ¥6,612 〜 ¥8,692 ¥7,262 〜 ¥8,675 JAPAN RESISTOR MFG.CO.,LTD. ¥1,901 ¥1,315 〜 ¥1,992 ¥1,181 〜 ¥2,019 MARUWN CORPORATION ¥949 ¥673 〜 ¥1,099 ¥644 〜 ¥962 TAKARA BIO INC. ¥1,150 ¥1,008 〜 ¥1,395 ¥777 〜 ¥1,171 ALBIS Co.,Ltd. ¥3,780 ¥3,243 〜 ¥4,291 ¥2,311 〜 ¥4,148 Nippon Dry-Chemical CO.,LTD. ¥3,730 ¥2,716 〜 ¥4,026 ¥2,700 〜 ¥3,735 TOYOTA INDUSTRIES CORPORATION ¥20,600 ¥17,551 〜 ¥21,050 ¥14,111 〜 ¥21,463 PALTAC CORPORATION ¥6,650 ¥5,102 〜 ¥8,056 ¥4,950 〜 ¥6,776 Silver Egg Technology CO.,Ltd. ¥770 ¥684 〜 ¥710 ¥649 〜 ¥717 SUNDAY CO.,LTD. ¥1,280 ¥524 〜 ¥1,480 ¥933 〜 ¥1,394 SEED CO.,LTD. ¥795 ¥502 〜 ¥856 ¥504 〜 ¥960 Daiseki Eco. Solution Co.,Ltd. ¥1,850 ¥1,392 〜 ¥2,146 ¥1,583 〜 ¥1,894 Yamadai Corporation ¥601 ¥162 〜 ¥673 ¥383 〜 ¥751 CANON ELECTRONICS INC. ¥3,650 ¥2,717 〜 ¥4,044 ¥2,572 〜 ¥4,345 CAREER BANK CO.,LTD ¥1,755 ¥1,531 〜 ¥1,845 ¥1,503 〜 ¥1,833 Newtech Co., Ltd. ¥2,650 ¥2,341 〜 ¥2,850 ¥2,318 〜 ¥2,723 Tohoku Steel Co.,Ltd. ¥4,491 ¥3,354 〜 ¥4,549 ¥3,890 〜 ¥4,654 Japan Infrastructure Fund Investment Corporation ¥67,000 ¥56,138 〜 ¥70,786 ¥57,426 〜 ¥70,193 ITOCHU-SHOKUHIN Co., Ltd. ¥13,000 ¥9,300 〜 ¥14,256 ¥11,319 〜 ¥13,606 nms Holdings Corporation ¥540 ¥330 〜 ¥604 ¥449 〜 ¥587 Sumitomo Riko Company Limited ¥2,600 ¥2,222 〜 ¥3,627 ¥2,040 〜 ¥3,005 Nousouken Corporation ¥767 ¥606 〜 ¥929 ¥665 〜 ¥825 SCSK Corporation ¥5,700 ¥3,662 〜 ¥6,133 ¥4,356 〜 ¥6,749 Global Information, Inc. ¥1,680 ¥1,564 〜 ¥1,857 ¥1,562 〜 ¥1,729 BrainPad Inc. ¥2,706 ¥2,344 〜 ¥3,608 ¥2,083 〜 ¥3,225 SUMIKEN MITSUI ROAD CO.,LTD. ¥2,000 ¥1,922 〜 ¥2,411 ¥1,823 〜 ¥2,147 kainos loboratories,inc ¥2,285 ¥2,002 〜 ¥2,649 ¥1,735 〜 ¥2,835 RYOMO SYSTEMS CO.,LTD. ¥5,200 ¥4,787 〜 ¥7,828 ¥4,366 〜 ¥6,071 Jmty, Inc. ¥1,420 ¥1,006 〜 ¥1,426 ¥1,226 〜 ¥1,626 KROSAKI HARIMA CORPORATION ¥4,200 ¥2,819 〜 ¥4,480 ¥3,063 〜 ¥5,397 Br.Holdings Corporation ¥530 ¥405 〜 ¥679 ¥383 〜 ¥696 Shinko Shoji Co.,Ltd. ¥1,580 ¥1,432 〜 ¥1,724 ¥1,358 〜 ¥1,874 STORAGE-OH Co.,Ltd. ¥1,340 ¥945 〜 ¥1,895 ¥1,091 〜 ¥1,724 The Global Ltd. ¥1,280 ¥948 〜 ¥1,329 ¥1,148 〜 ¥1,559 Anshin Guarantor Service Co.,Ltd. ¥257 ¥239 〜 ¥304 ¥240 〜 ¥304 SUIDO KIKO KAISHA,LTD ¥4,050 ¥3,153 〜 ¥4,218 ¥3,564 〜 ¥5,065 MUTOH HOLDINGS CO., LTD. ¥7,626 ¥6,747 〜 ¥8,114 ¥6,309 〜 ¥10,133 OutlookConsulting Co., Ltd. ¥1,800 ¥1,217 〜 ¥2,316 ¥1,528 〜 ¥2,489 SUNNY SIDE UP GROUP Inc. ¥1,320 ¥1,111 〜 ¥1,395 ¥1,313 〜 ¥1,933 Matsuya R&D Co.,Ltd ¥1,110 ¥833 〜 ¥1,222 ¥886 〜 ¥1,951 LEOPALACE21CORPORATION ¥1,000 ¥1,134 〜 ¥1,322 ¥945 〜 ¥1,806 Alleanza Holdings Co., Ltd. ¥1,465 ¥1,067 〜 ¥1,637 ¥1,460 〜 ¥3,421
Valuer league table Number of deals each valuer worked on. A deal counts once even if the valuer used several methods.
# Valuer Deals Acquirer Target Special committee Median discount rate 1 Plutus Consulting Co., Ltd. — 8 16 8.1% 2 Mizuho Securities Co., Ltd. 11 9 — 6.6% 3 Nomura Securities Co., Ltd. 7 10 1 6.3% 4 Daiwa Securities Co., Ltd. 6 8 — 9.6% 5 SMBC Nikko Securities Inc. 5 7 — 9.0% 6 Yamada Consulting Group Co., Ltd. 1 6 3 8.0% 7 KPMG FAS Co., Ltd. 3 7 — 10.0% 8 Mitsubishi UFJ Morgan Stanley Securities Co., Ltd. — 6 2 6.3% 9 AGS FAS Co., Ltd. 2 4 2 8.3% 10 Deloitte Tohmatsu LLC 4 3 — 8.8% 11 Maxus Corporate Advisory Co., Ltd. 1 2 1 9.2% 12 EY Strategy and Consulting Co., Ltd. — 3 — 9.8% 13 PwC Advisory LLC — 1 2 7.1% 14 Deloitte Tohmatsu Financial Advisory LLC 2 1 — — 15 SBI Securities Co., Ltd. 2 1 — 11.6%
All valuers（36） Valuer Deals Acquirer Target Special committee Plutus Consulting Co., Ltd. 24 0 8 16 Mizuho Securities Co., Ltd. 20 11 9 0 Nomura Securities Co., Ltd. 18 7 10 1 Daiwa Securities Co., Ltd. 14 6 8 0 SMBC Nikko Securities Inc. 12 5 7 0 Yamada Consulting Group Co., Ltd. 10 1 6 3 KPMG FAS Co., Ltd. 10 3 7 0 Mitsubishi UFJ Morgan Stanley Securities Co., Ltd. 8 0 6 2 AGS FAS Co., Ltd. 8 2 4 2 Deloitte Tohmatsu LLC 7 4 3 0 Maxus Corporate Advisory Co., Ltd. 4 1 2 1 EY Strategy and Consulting Co., Ltd. 3 0 3 0 PwC Advisory LLC 3 0 1 2 Deloitte Tohmatsu Financial Advisory LLC 3 2 1 0 SBI Securities Co., Ltd. 3 2 1 0 Trustees Advisory Co., Ltd. 2 0 2 0 Yamada & Partners Advisory Co., Ltd. 2 0 2 0 Tokyo Kyodo Accounting Office 2 0 2 0 J-TAP Advisory Co., Ltd. 2 0 2 0 MUFG Bank, Ltd., Corporate Information Sales Division, Financial Development Office 2 0 2 0 Akasaka International Accounting Co., Ltd. 2 0 1 1 J.P. Morgan Securities Japan Co., Ltd. 1 1 0 0 Japan Blue M&A Advisory Co., Ltd. 1 0 1 0 UBS Securities Japan Co., Ltd. 1 0 1 0 Asia Sunrise Capital Co., Ltd. 1 1 0 0 Frontier Management Inc. 1 0 0 1 Houlihan Lokey Co., Ltd. 1 1 0 0 Okasan Securities Co., Ltd. 1 1 0 0 Crowe Watanabe CT Co., Ltd. 1 1 0 0 JOIB Co., Ltd. 1 0 1 0 Tasuki Consulting Co., Ltd. 1 0 1 0 IR Japan Co., Ltd. 1 0 1 0 Clifix FAS Co., Ltd. 1 1 0 0 Stream Co., Ltd. 1 0 1 0 Deep Impact Co., Ltd. 1 0 1 0 Daiwa Institute of Research Ltd. 1 1 0 0
Offer price position by valuer (target-side DCF) Where the offer price fell in the DCF range each valuer produced for the target or its special committee. Position is the median of the offer price placed on a scale where the bottom of the range is 0% and the top is 100%. Valuers with at least 3 valuations. Not adjusted for industry or deal characteristics.
Valuer Valuations Below the range In range Above the range Median position Plutus Consulting Co., Ltd. 24 — 21 3 61.2% Nomura Securities Co., Ltd. 11 — 10 1 54.6% Mizuho Securities Co., Ltd. 9 — 8 1 75.3% Yamada Consulting Group Co., Ltd. 9 — 8 1 46.6% SMBC Nikko Securities Inc. 8 — 7 1 84.1% Mitsubishi UFJ Morgan Stanley Securities Co., Ltd. 8 — 6 2 76.1% Daiwa Securities Co., Ltd. 8 — 5 3 93.9% AGS FAS Co., Ltd. 7 — 4 3 74.7% KPMG FAS Co., Ltd. 7 — 6 1 61.1% EY Strategy and Consulting Co., Ltd. 3 — 2 1 56.7% PwC Advisory LLC 3 — 3 — 82.6% Maxus Corporate Advisory Co., Ltd. 3 — 3 — 49.7% Deloitte Tohmatsu LLC 3 — 3 — 54.6%