Candidates ／ 3865
Hokuetsu Corporation3865・Pulp & paper
Activist stake: Oasis. Of the listed companies with this trait in 2021–22, 1 in 5 was bought in the following four years or so — against 1 in 11 for all listed companies.
Taking every trait together, its score is 1.9x the average — #418 of 3,751. The closest type of deal is management buyout.
Why it looks like past targets
- Activist stake: Oasis1 in 5 such companies were bought (2.0x the average)
Score by type of buyer
| Type | vs average for the type | |
|---|---|---|
| Buyout by the parent | 0.8x | |
| Management buyout | 2.6x | |
| Private equity | 3.2x | |
| Strategic buyer | 1.1x |
Ownership
Top 10 shareholders
| Holder | Type | Stake | |
|---|---|---|---|
| 大王製紙(株) | Company | 17.5% | |
| 日本マスタートラスト信託銀行(株)(信託口) | Custodian/nominee | 7.6% | |
| (株)第四北越銀行 | Financial institution | 5.2% | |
| 北越コーポレーション持株会 | Employee/partner plan | 4.5% | |
| (株)日本カストディ銀行(金銭信託課税口) | Custodian/nominee | 3.8% | |
| OASIS JAPAN STRATEGIC FUND LTD. | Company | 3.5% | |
| 損害保険ジャパン(株) | Financial institution | 2.8% | |
| 農林中央金庫 | Financial institution | 2.2% | |
| 新生紙パルプ商事(株) | Company | 1.9% | |
| (株)日本カストディ銀行(三井住友信託銀行再信託分・王子マネジメントオフィス(株)退職給付信託口) | Custodian/nominee | 1.8% |
From the annual report for the year to 2026-03-31. Holder types are assigned by name and can be wrong (for example, a founder’s company can look like an operating company). Annual report (PDF, EDINET)
Key figures
- Controlling shareholder (over 50%)
- No
- Largest corporate holder
- 17.5%
- Founder family (individuals and their companies)
- 0.0%
- Officers
- 0.4%
- Net cash ÷ market value
- -12%
- ROE
- 2.8%
- Equity ratio
- 60%
Activist filings
- Oasis 26 Oct 2021〜30 Mar 2026、10 filings Latest reports: 1 2 3 4 5Latest report: stake cut to 4.8% (under 5%)
Estimated cost = total acquisition funds ÷ shares held, from the latest report (or the previous one if the latest does not state the funds). Trades after the report's base date are not included. Stakes whose reports give no funding figure are left out. Share splits after the report are adjusted using the change in shares outstanding. Costs outside the stock's price range while held (0.8x the monthly low to 1.2x the high) are treated as reporting quirks (e.g. funds not updated after selling) and not shown. Stakes cut below 5% (mostly sold) are left out of the totals.
This site ranks listed companies by how closely their public filings (annual reports and large-shareholding reports) resemble past tender-offer and MBO targets. It is not a prediction that any company will be bought, is not based on any non-public information, and is not a recommendation to buy or sell. Not investment advice.
Updated 29 Sep 2026 00:48 JST