{
 "schema_version": 1,
 "id": "4435-20250214",
 "type": "TOB",
 "status": "completed",
 "announced_date": "2025-02-14",
 "target": {
  "edinet_code": "E34712",
  "sec_code": "4435",
  "name": "株式会社カオナビ",
  "name_en": "Kaonavi, Inc.",
  "industry": "情報・通信業",
  "industry_en": "Information & Communication"
 },
 "acquirer": {
  "edinet_code": "E40455",
  "sec_code": null,
  "name": "Keystone Investment Holdings, L.P.",
  "name_en": "Keystone Investment Holdings, L.P.",
  "industry": "外国法人・組合（有価証券報告書等の提出義務者以外）",
  "industry_en": null
 },
 "anchor_doc_id": "S100V97J",
 "needs_review": false,
 "review_reason": null,
 "terms": {
  "tender_price": {
   "history": [
    {
     "value": 4380,
     "unit": "yen",
     "as_of_date": null,
     "source": {
      "doc_id": "S100V97J",
      "doc_url": "https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100V97J.pdf",
      "submitted": "2025-02-14",
      "quote": "本公開買付けにおける対象者株式１株当たりの買付け等の価格（4,380円）"
     }
    }
   ],
   "latest": {
    "value": 4380,
    "unit": "yen",
    "as_of_date": null,
    "source": {
     "doc_id": "S100V97J",
     "doc_url": "https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100V97J.pdf",
     "submitted": "2025-02-14",
     "quote": "本公開買付けにおける対象者株式１株当たりの買付け等の価格（4,380円）"
    }
   }
  },
  "min_shares": {
   "history": [
    {
     "value": 5467100,
     "unit": "shares",
     "as_of_date": null,
     "source": {
      "doc_id": "S100V97J",
      "doc_url": "https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100V97J.pdf",
      "submitted": "2025-02-14",
      "quote": "買付予定数の下限（注５）を5,467,100株（所有割合：45.77％）としており"
     }
    }
   ],
   "latest": {
    "value": 5467100,
    "unit": "shares",
    "as_of_date": null,
    "source": {
     "doc_id": "S100V97J",
     "doc_url": "https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100V97J.pdf",
     "submitted": "2025-02-14",
     "quote": "買付予定数の下限（注５）を5,467,100株（所有割合：45.77％）としており"
    }
   }
  },
  "period_business_days": {
   "history": [
    {
     "value": 30,
     "unit": "business_days",
     "as_of_date": null,
     "source": {
      "doc_id": "S100V97J",
      "doc_url": "https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100V97J.pdf",
      "submitted": "2025-02-14",
      "quote": "買付け等の期間を２月14日から３月31日の30営業日とし"
     }
    }
   ],
   "latest": {
    "value": 30,
    "unit": "business_days",
    "as_of_date": null,
    "source": {
     "doc_id": "S100V97J",
     "doc_url": "https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100V97J.pdf",
     "submitted": "2025-02-14",
     "quote": "買付け等の期間を２月14日から３月31日の30営業日とし"
    }
   }
  },
  "period_start": {
   "history": [
    {
     "value": "2025-02-14",
     "unit": "date",
     "as_of_date": null,
     "source": {
      "doc_id": "S100V97J",
      "doc_url": "https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100V97J.pdf",
      "submitted": "2025-02-14",
      "quote": "買付け等の期間を２月14日から３月31日の30営業日とし"
     }
    }
   ],
   "latest": {
    "value": "2025-02-14",
    "unit": "date",
    "as_of_date": null,
    "source": {
     "doc_id": "S100V97J",
     "doc_url": "https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100V97J.pdf",
     "submitted": "2025-02-14",
     "quote": "買付け等の期間を２月14日から３月31日の30営業日とし"
    }
   }
  },
  "period_end": {
   "history": [
    {
     "value": "2025-03-31",
     "unit": "date",
     "as_of_date": null,
     "source": {
      "doc_id": "S100V97J",
      "doc_url": "https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100V97J.pdf",
      "submitted": "2025-02-14",
      "quote": "買付け等の期間を２月14日から３月31日の30営業日とし"
     }
    }
   ],
   "latest": {
    "value": "2025-03-31",
    "unit": "date",
    "as_of_date": null,
    "source": {
     "doc_id": "S100V97J",
     "doc_url": "https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100V97J.pdf",
     "submitted": "2025-02-14",
     "quote": "買付け等の期間を２月14日から３月31日の30営業日とし"
    }
   }
  },
  "tendered_shares": {
   "history": [
    {
     "value": 8718072,
     "unit": "shares",
     "as_of_date": null,
     "source": {
      "doc_id": "S100VJOW",
      "doc_url": "https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100VJOW.pdf",
      "submitted": "2025-04-01",
      "quote": "応募株券等の総数（8,718,072株）"
     }
    }
   ],
   "latest": {
    "value": 8718072,
    "unit": "shares",
    "as_of_date": null,
    "source": {
     "doc_id": "S100VJOW",
     "doc_url": "https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100VJOW.pdf",
     "submitted": "2025-04-01",
     "quote": "応募株券等の総数（8,718,072株）"
    }
   }
  },
  "result": {
   "history": [
    {
     "value": "成立",
     "unit": "text",
     "as_of_date": null,
     "source": {
      "doc_id": "S100VJOW",
      "doc_url": "https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100VJOW.pdf",
      "submitted": "2025-04-01",
      "quote": "応募株券等の総数（8,718,072株）が買付予定数の下限（5,467,100株）以上となりましたので、公開買付開始公告及び公開買付届出書に記載のとおり、応募株券等の全部の買付け等を行います。"
     }
    }
   ],
   "latest": {
    "value": "成立",
    "unit": "text",
    "as_of_date": null,
    "source": {
     "doc_id": "S100VJOW",
     "doc_url": "https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100VJOW.pdf",
     "submitted": "2025-04-01",
     "quote": "応募株券等の総数（8,718,072株）が買付予定数の下限（5,467,100株）以上となりましたので、公開買付開始公告及び公開買付届出書に記載のとおり、応募株券等の全部の買付け等を行います。"
    }
   }
  }
 },
 "premiums": [
  {
   "value": 120.21,
   "unit": "percent",
   "as_of_date": "2025-02-12",
   "source": {
    "doc_id": "S100V98V",
    "doc_url": "https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100V98V.pdf",
    "submitted": "2025-02-14",
    "quote": "本公開買付価格4,380円は、本公開買付けの公表日の前営業日である2025年２月12日の東京証券取引所グロース市場における当社株式の終値1,989円に対して120.21％"
   },
   "basis": "前営業日終値",
   "basis_en": "Closing price on the business day before announcement"
  },
  {
   "value": 124.27,
   "unit": "percent",
   "as_of_date": "2025-02-12",
   "source": {
    "doc_id": "S100V98V",
    "doc_url": "https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100V98V.pdf",
    "submitted": "2025-02-14",
    "quote": "同日までの過去１ヶ月間（2025年１月14日から2025年２月12日まで）の終値単純平均値1,953円に対して124.27％"
   },
   "basis": "過去1ヶ月間の終値単純平均値",
   "basis_en": "1-month simple average closing price"
  },
  {
   "value": 130.28,
   "unit": "percent",
   "as_of_date": "2025-02-12",
   "source": {
    "doc_id": "S100V98V",
    "doc_url": "https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100V98V.pdf",
    "submitted": "2025-02-14",
    "quote": "同日までの過去３ヶ月間（2024年11月13日から2025年２月12日まで）の終値単純平均値1,902円に対して130.28％"
   },
   "basis": "過去3ヶ月間の終値単純平均値",
   "basis_en": "3-month simple average closing price"
  },
  {
   "value": 118.89,
   "unit": "percent",
   "as_of_date": "2025-02-12",
   "source": {
    "doc_id": "S100V98V",
    "doc_url": "https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100V98V.pdf",
    "submitted": "2025-02-14",
    "quote": "同日までの過去６ヶ月間（2024年８月13日から2025年２月12日まで）の終値単純平均値2,001円に対して118.89％"
   },
   "basis": "過去6ヶ月間の終値単純平均値",
   "basis_en": "6-month simple average closing price"
  }
 ],
 "profile": {
  "extracted": true,
  "listing": {
   "value": "delist",
   "source": {
    "doc_id": "S100V98V",
    "doc_url": "https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100V98V.pdf",
    "submitted": "2025-02-14",
    "quote": "カーライルから、公開買付け及びスクイーズアウト手続を通じて当社株式の全てを取得すること"
   }
  },
  "discount_tob": {
   "value": false,
   "source": null
  },
  "acquirer_type": {
   "value": "financial_sponsor",
   "source": {
    "doc_id": "S100V98V",
    "doc_url": "https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100V98V.pdf",
    "submitted": "2025-02-14",
    "quote": "カーライルは、グローバルに展開する投資会社であり"
   }
  },
  "auction": {
   "value": true,
   "source": {
    "doc_id": "S100V98V",
    "doc_url": "https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100V98V.pdf",
    "submitted": "2025-02-14",
    "quote": "当社の企業価値を最大化するための施策の検討の過程で、カーライルを含む11社（ファンド７社及び事業会社４社）と協議を重ねるとともに"
   }
  },
  "competing_offer": {
   "value": false,
   "source": null
  },
  "special_committee": {
   "value": true,
   "source": {
    "doc_id": "S100V98V",
    "doc_url": "https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100V98V.pdf",
    "submitted": "2025-02-14",
    "quote": "本特別委員会は、2024年11月22日、その独立性の程度、専門性及び実績等に問題がないことを確認の上"
   }
  },
  "sc_own_valuer": null,
  "fairness_opinions": [],
  "proposals": [
   {
    "date": "2024-11-01",
    "price": 4200,
    "proposer": "acquirer",
    "source": {
     "doc_id": "S100V98V",
     "doc_url": "https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100V98V.pdf",
     "submitted": "2025-02-14",
     "quote": "当社に対して、2024年11月１日付で、自己株式取得スキームを前提としない当社株式１株当たりの買付価格を4,200円（2024年10月31日付の終値2,390円に対して75.73％のプレミアム。）"
    }
   },
   {
    "date": "2025-01-11",
    "price": 4355,
    "proposer": "acquirer",
    "source": {
     "doc_id": "S100V98V",
     "doc_url": "https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100V98V.pdf",
     "submitted": "2025-02-14",
     "quote": "カーライルは、2025年１月11日に、当社に対して、本公開買付価格を4,355円、本新株予約権買付価格を１円及び本自己株式取得価格を3,600円とする旨の価格提案書（以下「１月11日付価格提案書」といいます。）を提出したとのことです。"
    }
   },
   {
    "date": "2025-01-27",
    "price": 4380,
    "proposer": "acquirer",
    "source": {
     "doc_id": "S100V98V",
     "doc_url": "https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100V98V.pdf",
     "submitted": "2025-02-14",
     "quote": "カーライルは、同年１月27日、本特別委員会に、リクルートファンドにて生じる税務メリットに係る計算の詳細を更新したことに伴い、本自己株式取得による税務メリットが従前の試算より拡大したため、１月11日付価格提案書における本公開買付価格及び自己株式取得価格の提案に対し、かかる税務メリットの拡大分を上乗せした、本公開買付価格を4,380円、本自己株式取得価格を3,504円とする旨の返答書を提出したとのことです。"
    }
   }
  ],
  "initial_offer": 4200,
  "offer_raise_pct": 4.29,
  "offer_rounds": 3,
  "negotiation_excluded": null,
  "category": "delisting",
  "category_basis": "filing"
 },
 "valuations": [
  {
   "valuator": "SMBC日興証券株式会社",
   "valuator_as_written": "SMBC日興証券",
   "valuator_en": "SMBC Nikko Securities Inc.",
   "side": "target",
   "method": "comparable",
   "method_label": "類似上場会社比較法",
   "method_en": "Comparable companies method",
   "metrics": {
    "per_share_value": {
     "low": 978,
     "high": 1242,
     "unit": "yen_per_share",
     "source": {
      "doc_id": "S100V98V",
      "doc_url": "https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100V98V.pdf",
      "submitted": "2025-02-14",
      "quote": "類似上場会社比較法：978円から1,242円"
     }
    }
   }
  },
  {
   "valuator": "SMBC日興証券株式会社",
   "valuator_as_written": "SMBC日興証券",
   "valuator_en": "SMBC Nikko Securities Inc.",
   "side": "target",
   "method": "dcf",
   "method_label": "DCF法",
   "method_en": "DCF method",
   "metrics": {
    "per_share_value": {
     "low": 2733,
     "high": 4501,
     "unit": "yen_per_share",
     "source": {
      "doc_id": "S100V98V",
      "doc_url": "https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100V98V.pdf",
      "submitted": "2025-02-14",
      "quote": "DCF法 ：2,733円から4,501円"
     }
    }
   }
  },
  {
   "valuator": "SMBC日興証券株式会社",
   "valuator_as_written": "SMBC日興証券",
   "valuator_en": "SMBC Nikko Securities Inc.",
   "side": "target",
   "method": "market_price",
   "method_label": "市場株価法",
   "method_en": "Market price method",
   "metrics": {
    "per_share_value": {
     "low": 1902,
     "high": 2001,
     "unit": "yen_per_share",
     "source": {
      "doc_id": "S100V98V",
      "doc_url": "https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100V98V.pdf",
      "submitted": "2025-02-14",
      "quote": "市場株価法 ：1,902円から2,001円"
     }
    }
   }
  }
 ],
 "timeline": [
  {
   "date": "2025-02-14",
   "doc_id": "S100V97J",
   "doc_type_code": "240",
   "doc_type": "公開買付届出書",
   "filer": "Keystone Investment Holdings, L.P.",
   "filer_en": "Keystone Investment Holdings, L.P.",
   "description": "公開買付届出書",
   "doc_url": "https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100V97J.pdf"
  },
  {
   "date": "2025-02-14",
   "doc_id": "S100V98V",
   "doc_type_code": "290",
   "doc_type": "意見表明報告書",
   "filer": "株式会社カオナビ",
   "filer_en": "Kaonavi, Inc.",
   "description": "意見表明報告書",
   "doc_url": "https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100V98V.pdf"
  },
  {
   "date": "2025-04-01",
   "doc_id": "S100VJOW",
   "doc_type_code": "270",
   "doc_type": "公開買付報告書",
   "filer": "Keystone Investment Holdings, L.P.",
   "filer_en": "Keystone Investment Holdings, L.P.",
   "description": "公開買付報告書",
   "doc_url": "https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100VJOW.pdf"
  }
 ],
 "related": [],
 "flags": [],
 "unverified_count": 0
}