{ "schema_version": 1, "id": "4489-20240125", "type": "MBO", "status": "completed", "announced_date": "2024-01-25", "target": { "edinet_code": "E35482", "sec_code": "4489", "name": "株式会社ペイロール", "name_en": "Payroll Inc.", "industry": "サービス業", "industry_en": "Services" }, "acquirer": { "edinet_code": "E39390", "sec_code": null, "name": "株式会社TAアソシエイツジャパン1号", "name_en": "TA Associates Japan No.1 Co., Ltd.", "industry": "内国法人・組合（有価証券報告書等の提出義務者以外）", "industry_en": null }, "anchor_doc_id": "S100SO8Y", "needs_review": false, "review_reason": null, "terms": { "tender_price": { "history": [ { "value": 1380, "unit": "yen", "as_of_date": null, "source": { "doc_id": "S100SO8Y", "doc_url": "https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100SO8Y.pdf", "submitted": "2024-01-25", "quote": "本公開買付価格1,380円は、公開買付者が本公開買付けの開始を決定した日の前営業日である2024年１月23日の東京証券取引所グロース市場における対象者株式の終値969円に対して42.41％" } } ], "latest": { "value": 1380, "unit": "yen", "as_of_date": null, "source": { "doc_id": "S100SO8Y", "doc_url": "https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100SO8Y.pdf", "submitted": "2024-01-25", "quote": "本公開買付価格1,380円は、公開買付者が本公開買付けの開始を決定した日の前営業日である2024年１月23日の東京証券取引所グロース市場における対象者株式の終値969円に対して42.41％" } } }, "min_shares": { "history": [ { "value": 11275800, "unit": "shares", "as_of_date": null, "source": { "doc_id": "S100SO8Y", "doc_url": "https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100SO8Y.pdf", "submitted": "2024-01-25", "quote": "11,275,800株（所有割合：61.28％）を買付予定数の下限と設定しており" } }, { "value": 10554900, "unit": "shares", "as_of_date": null, "source": { "doc_id": "S100SY5I", "doc_url": "https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100SY5I.pdf", "submitted": "2024-02-22", "quote": "本公開買付けにおいては、公開買付者は、 10,554,900株（所有割合：57.36％）を買付予定数の下限と設定しており" } } ], "latest": { "value": 10554900, "unit": "shares", "as_of_date": null, "source": { "doc_id": "S100SY5I", "doc_url": "https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100SY5I.pdf", "submitted": "2024-02-22", "quote": "本公開買付けにおいては、公開買付者は、 10,554,900株（所有割合：57.36％）を買付予定数の下限と設定しており" } } }, "is_mbo": { "history": [ { "value": "該当", "unit": "text", "as_of_date": null, "source": { "doc_id": "S100SO8Y", "doc_url": "https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100SO8Y.pdf", "submitted": "2024-01-25", "quote": "いわゆるマネジメント・バイアウト（MBO）（注２）に該当いたします。" } } ], "latest": { "value": "該当", "unit": "text", "as_of_date": null, "source": { "doc_id": "S100SO8Y", "doc_url": "https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100SO8Y.pdf", "submitted": "2024-01-25", "quote": "いわゆるマネジメント・バイアウト（MBO）（注２）に該当いたします。" } } }, "tendered_shares": { "history": [ { "value": 16168610, "unit": "shares", "as_of_date": null, "source": { "doc_id": "S100T1FR", "doc_url": "https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100T1FR.pdf", "submitted": "2024-03-12", "quote": "応募株券等の総数（16,168,610株）が買付予定数の下限（10,554,900株）以上となりました" } } ], "latest": { "value": 16168610, "unit": "shares", "as_of_date": null, "source": { "doc_id": "S100T1FR", "doc_url": "https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100T1FR.pdf", "submitted": "2024-03-12", "quote": "応募株券等の総数（16,168,610株）が買付予定数の下限（10,554,900株）以上となりました" } } }, "result": { "history": [ { "value": "成立", "unit": "text", "as_of_date": null, "source": { "doc_id": "S100T1FR", "doc_url": "https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100T1FR.pdf", "submitted": "2024-03-12", "quote": "応募株券等の総数（16,168,610株）が買付予定数の下限（10,554,900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（その後の公開買付条件等の変更の公告及び公開買付届出書の訂正届出書により訂正された事項を含みます。）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": "S100T1FR", "doc_url": "https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100T1FR.pdf", "submitted": "2024-03-12", "quote": "応募株券等の総数（16,168,610株）が買付予定数の下限（10,554,900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（その後の公開買付条件等の変更の公告及び公開買付届出書の訂正届出書により訂正された事項を含みます。）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": 42.41, "unit": "percent", "as_of_date": "2024-01-23", "source": { "doc_id": "S100SO9G", "doc_url": "https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100SO9G.pdf", "submitted": "2024-01-25", "quote": "本公開買付けの公表日の前営業日である2024年１月23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969円に対して42.41％" }, "basis": "前営業日終値", "basis_en": "Closing price on the business day before announcement" }, { "value": 51.15, "unit": "percent", "as_of_date": "2024-01-23", "source": { "doc_id": "S100SO9G", "doc_url": "https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100SO9G.pdf", "submitted": "2024-01-25", "quote": "同日までの過去１ヶ月間の終値の単純平均値913円に対して51.15％" }, "basis": "過去1ヶ月間の終値単純平均値", "basis_en": "1-month simple average closing price" }, { "value": 42.27, "unit": "percent", "as_of_date": "2024-01-23", "source": { "doc_id": "S100SO9G", "doc_url": "https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100SO9G.pdf", "submitted": "2024-01-25", "quote": "同日までの過去３ヶ月間の終値の単純平均値970円に対して42.27％" }, "basis": "過去3ヶ月間の終値単純平均値", "basis_en": "3-month simple average closing price" }, { "value": 34.9, "unit": "percent", "as_of_date": "2024-01-23", "source": { "doc_id": "S100SO9G", "doc_url": "https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100SO9G.pdf", "submitted": "2024-01-25", "quote": "同日までの過去６ヶ月間の終値の単純平均値1,023円に対して34.90％" }, "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": "S100SO9G", "doc_url": "https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100SO9G.pdf", "submitted": "2024-01-25", "quote": "湯浅氏は、その時点で初めて、速やかに当社を非公開化することで、経営の自由度の確保及びノウハウの外部導入を進めることを検討するに至ったとのことです。" } }, "discount_tob": { "value": false, "source": null }, "acquirer_type": { "value": "management", "source": { "doc_id": "S100SO9G", "doc_url": "https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100SO9G.pdf", "submitted": "2024-01-25", "quote": "いわゆるマネジメント・バイアウト（MBO）（注２）に該当いたします。" } }, "auction": { "value": false, "source": { "doc_id": "S100SO9G", "doc_url": "https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100SO9G.pdf", "submitted": "2024-01-25", "quote": "本特別委員会は、市場における潜在的な買収者の有無を調査・検討する、いわゆる積極的なマーケット・チェック（本取引の公表前における入札手続等を含みます。）については…これを実施しなくとも特段、本取引の公正性が阻害されることはない旨を判断しております。" } }, "competing_offer": { "value": false, "source": null }, "special_committee": { "value": true, "source": { "doc_id": "S100SO9G", "doc_url": "https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100SO9G.pdf", "submitted": "2024-01-25", "quote": "2023年11月６日に開催した当社取締役会において、本取引の提案を検討するための特別委員会（以下「本特別委員会」といいます。" } }, "sc_own_valuer": null, "fairness_opinions": [], "proposals": [ { "date": "2023-12-11", "price": 1100, "proposer": "acquirer", "source": { "doc_id": "S100SO9G", "doc_url": "https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100SO9G.pdf", "submitted": "2024-01-25", "quote": "TAは、2023年12月11日、上記デュー・ディリジェンスの結果等を踏まえ、当社に対し、本公開買付けにおける当社株式１株当たりの買付け等の価格（以下「本公開買付価格」といいます。）を1,100円" } }, { "date": "2023-12-18", "price": 1200, "proposer": "acquirer", "source": { "doc_id": "S100SO9G", "doc_url": "https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100SO9G.pdf", "submitted": "2024-01-25", "quote": "TAは、2023年12月18日付で、本公開買付価格を1,200円" } }, { "date": "2024-01-18", "price": 1380, "proposer": "acquirer", "source": { "doc_id": "S100SO9G", "doc_url": "https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100SO9G.pdf", "submitted": "2024-01-25", "quote": "TAは、2024年１月18日付で、本公開買付価格を1,380円" } } ], "initial_offer": 1100, "offer_raise_pct": 25.45, "offer_rounds": 3, "negotiation_excluded": null, "category": "delisting", "category_basis": "filing" }, "valuations": [ { "valuator": "PwCアドバイザリー合同会社", "valuator_as_written": "PwCアドバイザリー合同会社", "valuator_en": "PwC Advisory LLC", "side": "target", "method": "dcf", "method_label": "DCF方式", "method_en": "DCF method", "metrics": { "per_share_value": { "low": 1280, "high": 1655, "unit": "yen_per_share", "source": { "doc_id": "S100SO9G", "doc_url": "https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100SO9G.pdf", "submitted": "2024-01-25", "quote": "DCF方式 ：1,280円から1,655円" } }, "discount_rate": { "low": 6.9, "high": 7.9, "unit": "percent", "source": { "doc_id": "S100SO9G", "doc_url": "https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100SO9G.pdf", "submitted": "2024-01-25", "quote": "6.9％～7.9％の割引率（加重平均資本コスト）を採用しております。" } }, "perpetual_growth_rate": { "low": 1, "high": 1.5, "unit": "percent", "source": { "doc_id": "S100SO9G", "doc_url": "https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100SO9G.pdf", "submitted": "2024-01-25", "quote": "永久成長率は1.0％～1.5％としております。" } } } }, { "valuator": "PwCアドバイザリー合同会社", "valuator_as_written": "PwCアドバイザリー合同会社", "valuator_en": "PwC Advisory LLC", "side": "target", "method": "market_price", "method_label": "市場株価基準方式", "method_en": "Market price method", "metrics": { "per_share_value": { "low": 913, "high": 1023, "unit": "yen_per_share", "source": { "doc_id": "S100SO9G", "doc_url": "https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100SO9G.pdf", "submitted": "2024-01-25", "quote": "市場株価基準方式：913円から1,023円" } } } } ], "timeline": [ { "date": "2024-01-25", "doc_id": "S100SO8Y", "doc_type_code": "240", "doc_type": "公開買付届出書", "filer": "株式会社TAアソシエイツジャパン1号", "filer_en": "TA Associates Japan No.1 Co., Ltd.", "description": "公開買付届出書", "doc_url": "https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100SO8Y.pdf" }, { "date": "2024-01-25", "doc_id": "S100SO9G", "doc_type_code": "290", "doc_type": "意見表明報告書", "filer": "株式会社ペイロール", "filer_en": "Payroll Inc.", "description": "意見表明報告書", "doc_url": "https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100SO9G.pdf" }, { "date": "2024-02-09", "doc_id": "S100STJN", "doc_type_code": "250", "doc_type": "訂正公開買付届出書", "filer": "株式会社TAアソシエイツジャパン1号", "filer_en": "TA Associates Japan No.1 Co., Ltd.", "description": "訂正公開買付届出書", "doc_url": "https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100STJN.pdf" }, { "date": "2024-02-22", "doc_id": "S100SY5I", "doc_type_code": "250", "doc_type": "訂正公開買付届出書", "filer": "株式会社TAアソシエイツジャパン1号", "filer_en": "TA Associates Japan No.1 Co., Ltd.", "description": "訂正公開買付届出書", "doc_url": "https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100SY5I.pdf" }, { "date": "2024-02-22", "doc_id": "S100SY4R", "doc_type_code": "300", "doc_type": "訂正意見表明報告書", "filer": "株式会社ペイロール", "filer_en": "Payroll Inc.", "description": "訂正意見表明報告書", "doc_url": "https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100SY4R.pdf" }, { "date": "2024-03-12", "doc_id": "S100T1FR", "doc_type_code": "270", "doc_type": "公開買付報告書", "filer": "株式会社TAアソシエイツジャパン1号", "filer_en": "TA Associates Japan No.1 Co., Ltd.", "description": "公開買付報告書", "doc_url": "https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100T1FR.pdf" } ], "related": [], "flags": [ { "kind": "revised", "subject": "tob_terms:min_shares", "detail": "S100SO8Y: 11275800.0 → S100SY5I: 10554900.0" } ], "unverified_count": 0 }