Candidates ／ 9531
TOKYO GAS CO.,LTD.9531・Utilities
Activist stake: Elliott. 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 1.1x the average — #1390 of 3,751. The closest type of deal is private equity.
Why it looks like past targets
- Activist stake: Elliott1 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 | 0.3x | |
| Management buyout | 1.7x | |
| Private equity | 3.0x | |
| Strategic buyer | 0.5x |
Ownership
Top 10 shareholders
| Holder | Type | Stake | |
|---|---|---|---|
| 日本マスタートラスト信託銀行株式会社(信託口) | Custodian/nominee | 15.4% | |
| 日本生命保険相互会社 | Financial institution | 6.6% | |
| 株式会社日本カストディ銀行(信託口) | Custodian/nominee | 4.7% | |
| みずほ信託銀行株式会社 退職給付信託 第一生命保険口再信託受託者 株式会社日本カストディ銀行 | Custodian/nominee | 2.1% | |
| 東京瓦斯グループ従業員持株会 | Employee/partner plan | 2.0% | |
| STATE STREET BANK AND TRUST COMPANY 505001 | Custodian/nominee | 2.0% | |
| 第一生命保険株式会社 | Financial institution | 1.5% | |
| JP MORGAN CHASE BANK 385781 | Custodian/nominee | 1.4% | |
| GOVERNMENT OF NORWAY | Custodian/nominee | 1.4% | |
| STATE STREET BANK AND TRUST COMPANY 505103 | Custodian/nominee | 1.4% |
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
- 0.0%
- Founder family (individuals and their companies)
- 0.0%
- Officers
- 0.0%
- Net cash ÷ market value
- -36%
- ROE
- 13.2%
- Equity ratio
- 44%
Activist filings
- Elliott 19 Nov 2024〜14 Apr 2025、2 filings Latest reports: 1 2Latest report: stake cut to 4.9% (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