{
 "schema_version": 1,
 "id": "5358-20211224",
 "type": "TOB",
 "status": "completed",
 "announced_date": "2021-12-24",
 "target": {
  "edinet_code": "E01145",
  "sec_code": "5358",
  "name": "イソライト工業株式会社",
  "name_en": "Isolite Insulating Products 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
 },
 "acquirer": {
  "edinet_code": "E01146",
  "sec_code": "5351",
  "name": "品川リフラ株式会社",
  "name_en": "SHINAGAWA REFRA CO., LTD.",
  "industry": "ガラス・土石製品",
  "industry_en": "Glass & Ceramics Products"
 },
 "anchor_doc_id": "S100N4R1",
 "needs_review": false,
 "review_reason": null,
 "terms": {
  "tender_price": {
   "history": [
    {
     "value": 1200,
     "unit": "yen",
     "as_of_date": null,
     "source": {
      "doc_id": "S100N4R1",
      "doc_url": "https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100N4R1.pdf",
      "submitted": "2021-12-24",
      "quote": "本公開買付価格を1,200円とすることを決定いたしました。"
     }
    }
   ],
   "latest": {
    "value": 1200,
    "unit": "yen",
    "as_of_date": null,
    "source": {
     "doc_id": "S100N4R1",
     "doc_url": "https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100N4R1.pdf",
     "submitted": "2021-12-24",
     "quote": "本公開買付価格を1,200円とすることを決定いたしました。"
    }
   }
  },
  "min_shares": {
   "history": [
    {
     "value": 2668500,
     "unit": "shares",
     "as_of_date": null,
     "source": {
      "doc_id": "S100N4R1",
      "doc_url": "https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100N4R1.pdf",
      "submitted": "2021-12-24",
      "quote": "公開買付者は、買付予定数の下限を2,668,500株（所有割合：11.41％）としており"
     }
    }
   ],
   "latest": {
    "value": 2668500,
    "unit": "shares",
    "as_of_date": null,
    "source": {
     "doc_id": "S100N4R1",
     "doc_url": "https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100N4R1.pdf",
     "submitted": "2021-12-24",
     "quote": "公開買付者は、買付予定数の下限を2,668,500株（所有割合：11.41％）としており"
    }
   }
  },
  "tendered_shares": {
   "history": [
    {
     "value": 8673506,
     "unit": "shares",
     "as_of_date": null,
     "source": {
      "doc_id": "S100NJJE",
      "doc_url": "https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100NJJE.pdf",
      "submitted": "2022-02-18",
      "quote": "応募株券等の数の合計（8,673,506株）"
     }
    }
   ],
   "latest": {
    "value": 8673506,
    "unit": "shares",
    "as_of_date": null,
    "source": {
     "doc_id": "S100NJJE",
     "doc_url": "https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100NJJE.pdf",
     "submitted": "2022-02-18",
     "quote": "応募株券等の数の合計（8,673,506株）"
    }
   }
  },
  "result": {
   "history": [
    {
     "value": "成立",
     "unit": "text",
     "as_of_date": null,
     "source": {
      "doc_id": "S100NJJE",
      "doc_url": "https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100NJJE.pdf",
      "submitted": "2022-02-18",
      "quote": "応募株券等の数の合計（8,673,506株）が買付予定数の下限（2,668,500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": "S100NJJE",
     "doc_url": "https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100NJJE.pdf",
     "submitted": "2022-02-18",
     "quote": "応募株券等の数の合計（8,673,506株）が買付予定数の下限（2,668,500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": 37.3,
   "unit": "percent",
   "as_of_date": "2021-12-22",
   "source": {
    "doc_id": "S100N4UG",
    "doc_url": "https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100N4UG.pdf",
    "submitted": "2021-12-24",
    "quote": "本公開買付けの公表日の前営業日である2021年12月22日の東京証券取引所市場第一部における当社株式の終値874円に対して37.30％"
   },
   "basis": "前営業日終値",
   "basis_en": "Closing price on the business day before announcement"
  },
  {
   "value": 32.45,
   "unit": "percent",
   "as_of_date": "2021-12-22",
   "source": {
    "doc_id": "S100N4UG",
    "doc_url": "https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100N4UG.pdf",
    "submitted": "2021-12-24",
    "quote": "同日までの過去１ヶ月間の終値の単純平均値906円に対して32.45％"
   },
   "basis": "過去1ヶ月間の終値単純平均値",
   "basis_en": "1-month simple average closing price"
  },
  {
   "value": 36.52,
   "unit": "percent",
   "as_of_date": "2021-12-22",
   "source": {
    "doc_id": "S100N4UG",
    "doc_url": "https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100N4UG.pdf",
    "submitted": "2021-12-24",
    "quote": "同過去３ヶ月間の終値の単純平均値879円に対して36.52％"
   },
   "basis": "過去3ヶ月間の終値単純平均値",
   "basis_en": "3-month simple average closing price"
  },
  {
   "value": 53.26,
   "unit": "percent",
   "as_of_date": "2021-12-22",
   "source": {
    "doc_id": "S100N4UG",
    "doc_url": "https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100N4UG.pdf",
    "submitted": "2021-12-24",
    "quote": "同過去６ヶ月間の終値の単純平均値783円に対して53.26％のプレミアム"
   },
   "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": "S100N4UG",
    "doc_url": "https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100N4UG.pdf",
    "submitted": "2021-12-24",
    "quote": "公開買付者が当社を完全子会社とし、より強固な資本関係を構築することにより、迅速かつ機動的な意思決定のもと公開買付者グループ全体として柔軟かつ最適な経営判断を下し効率的な事業の遂行を図ることができること"
   }
  },
  "discount_tob": {
   "value": false,
   "source": null
  },
  "acquirer_type": {
   "value": "parent",
   "source": {
    "doc_id": "S100N4UG",
    "doc_url": "https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100N4UG.pdf",
    "submitted": "2021-12-24",
    "quote": "公開買付者による前回公開買付け（以下に定義します。）の実施、及び当社による公開買付者を引受人とした本第三者割当増資（以下に定義します。）の実施により、公開買付者は当社の親会社となりました。"
   }
  },
  "auction": {
   "value": false,
   "source": null
  },
  "competing_offer": {
   "value": false,
   "source": null
  },
  "special_committee": {
   "value": true,
   "source": {
    "doc_id": "S100N4UG",
    "doc_url": "https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100N4UG.pdf",
    "submitted": "2021-12-24",
    "quote": "直ちに、公開買付者及び当社から独立した立場で、当社グループの企業価値の向上及び当社の少数株主の皆様の利益の確保の観点から本取引に係る検討、交渉及び判断を行うため、本特別委員会（下記「④ 当社が本公開買付けに賛同するに至った意思決定の過程及び理由」において定義します。）を設置いたしました。"
   }
  },
  "sc_own_valuer": null,
  "fairness_opinions": [],
  "proposals": [
   {
    "date": "2021-11-25",
    "price": 970,
    "proposer": "acquirer",
    "source": {
     "doc_id": "S100N4UG",
     "doc_url": "https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100N4UG.pdf",
     "submitted": "2021-12-24",
     "quote": "当社に対して2021年11月25日に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970円とする最初の提案を行いました"
    }
   },
   {
    "date": "2021-12-01",
    "price": 1000,
    "proposer": "acquirer",
    "source": {
     "doc_id": "S100N4UG",
     "doc_url": "https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100N4UG.pdf",
     "submitted": "2021-12-24",
     "quote": "公開買付者は、同年12月１日に当社からの再検討の要請を踏まえ、本公開買付価格を1,000円とする旨の再提案を行いました"
    }
   },
   {
    "date": "2021-12-09",
    "price": 1030,
    "proposer": "acquirer",
    "source": {
     "doc_id": "S100N4UG",
     "doc_url": "https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100N4UG.pdf",
     "submitted": "2021-12-24",
     "quote": "公開買付者は同月９日に当社及び本特別委員会からの再検討の要請を踏まえ、本公開買付価格を1,030円とする旨の再提案を行いました"
    }
   },
   {
    "date": "2021-12-16",
    "price": 1200,
    "proposer": "acquirer",
    "source": {
     "doc_id": "S100N4UG",
     "doc_url": "https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100N4UG.pdf",
     "submitted": "2021-12-24",
     "quote": "公開買付者は、同月16日に本公開買付価格を1,200円とする旨の最終提案を行いました"
    }
   },
   {
    "date": null,
    "price": 1240,
    "proposer": "target_or_committee",
    "source": {
     "doc_id": "S100N4UG",
     "doc_url": "https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100N4UG.pdf",
     "submitted": "2021-12-24",
     "quote": "当社の少数株主の皆様の更なる利益の確保の可能性を追求するため、本公開買付価格を1,240円とするよう要請されたとのことです。"
    }
   },
   {
    "date": "2021-12-20",
    "price": 1200,
    "proposer": "acquirer",
    "source": {
     "doc_id": "S100N4UG",
     "doc_url": "https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100N4UG.pdf",
     "submitted": "2021-12-24",
     "quote": "公開買付者は、同月20日に、当社及び本特別委員会の連名による要請を検討したものの本価格交渉に係る議論を踏まえ、最終提案で提示した1,200円が合理的な本公開買付価格の上限であると考えており、本公開買付価格を1,200円とする旨の再提案を行った"
    }
   }
  ],
  "initial_offer": 970,
  "offer_raise_pct": 23.71,
  "offer_rounds": 4,
  "negotiation_excluded": null,
  "category": "delisting",
  "category_basis": "filing"
 },
 "valuations": [
  {
   "valuator": "みずほ証券株式会社",
   "valuator_as_written": "みずほ証券株式会社",
   "valuator_en": "Mizuho Securities Co., Ltd.",
   "side": "acquirer",
   "method": "comparable",
   "method_label": "類似企業比較法",
   "method_en": "Comparable companies method",
   "metrics": {
    "per_share_value": {
     "low": 527,
     "high": 980,
     "unit": "yen_per_share",
     "source": {
      "doc_id": "S100N4UG",
      "doc_url": "https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100N4UG.pdf",
      "submitted": "2021-12-24",
      "quote": "類似企業比較法：527円から980円"
     }
    }
   }
  },
  {
   "valuator": "みずほ証券株式会社",
   "valuator_as_written": "みずほ証券株式会社",
   "valuator_en": "Mizuho Securities Co., Ltd.",
   "side": "acquirer",
   "method": "dcf",
   "method_label": "DCF法",
   "method_en": "DCF method",
   "metrics": {
    "per_share_value": {
     "low": 1115,
     "high": 1449,
     "unit": "yen_per_share",
     "source": {
      "doc_id": "S100N4UG",
      "doc_url": "https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100N4UG.pdf",
      "submitted": "2021-12-24",
      "quote": "DCF法 ：1,115円から1,449円"
     }
    }
   }
  },
  {
   "valuator": "みずほ証券株式会社",
   "valuator_as_written": "みずほ証券株式会社",
   "valuator_en": "Mizuho Securities Co., Ltd.",
   "side": "acquirer",
   "method": "market_price",
   "method_label": "市場株価基準法",
   "method_en": "Market price method",
   "metrics": {
    "per_share_value": {
     "low": 783,
     "high": 906,
     "unit": "yen_per_share",
     "source": {
      "doc_id": "S100N4UG",
      "doc_url": "https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100N4UG.pdf",
      "submitted": "2021-12-24",
      "quote": "市場株価基準法：783円から906円"
     }
    }
   }
  },
  {
   "valuator": "大和証券株式会社",
   "valuator_as_written": "大和証券株式会社",
   "valuator_en": "Daiwa Securities Co., Ltd.",
   "side": "target",
   "method": "dcf",
   "method_label": "DCF法",
   "method_en": "DCF method",
   "metrics": {
    "per_share_value": {
     "low": 1082,
     "high": 1394,
     "unit": "yen_per_share",
     "source": {
      "doc_id": "S100N4UG",
      "doc_url": "https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100N4UG.pdf",
      "submitted": "2021-12-24",
      "quote": "DCF法 ：1,082円から1,394円"
     }
    },
    "discount_rate": {
     "low": 8.8,
     "high": 10.8,
     "unit": "percent",
     "source": {
      "doc_id": "S100N4UG",
      "doc_url": "https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100N4UG.pdf",
      "submitted": "2021-12-24",
      "quote": "割引率は8.8％～10.8％を採用しており"
     }
    },
    "perpetual_growth_rate": {
     "low": 0,
     "high": 1,
     "unit": "percent",
     "source": {
      "doc_id": "S100N4UG",
      "doc_url": "https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100N4UG.pdf",
      "submitted": "2021-12-24",
      "quote": "永久成長率は0.0％～1.0％として算定しております"
     }
    }
   }
  },
  {
   "valuator": "大和証券株式会社",
   "valuator_as_written": "大和証券株式会社",
   "valuator_en": "Daiwa Securities Co., Ltd.",
   "side": "target",
   "method": "market_price",
   "method_label": "市場株価法",
   "method_en": "Market price method",
   "metrics": {
    "per_share_value": {
     "low": 783,
     "high": 906,
     "unit": "yen_per_share",
     "source": {
      "doc_id": "S100N4UG",
      "doc_url": "https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100N4UG.pdf",
      "submitted": "2021-12-24",
      "quote": "市場株価法：783円から906円"
     }
    }
   }
  }
 ],
 "timeline": [
  {
   "date": "2021-12-24",
   "doc_id": "S100N4R1",
   "doc_type_code": "240",
   "doc_type": "公開買付届出書",
   "filer": "品川リフラクトリーズ株式会社",
   "filer_en": "SHINAGAWA REFRA CO., LTD.",
   "description": "公開買付届出書",
   "doc_url": "https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100N4R1.pdf"
  },
  {
   "date": "2021-12-24",
   "doc_id": "S100N4UG",
   "doc_type_code": "290",
   "doc_type": "意見表明報告書",
   "filer": "イソライト工業株式会社",
   "filer_en": "Isolite Insulating Products Co., Ltd.",
   "description": "意見表明報告書",
   "doc_url": "https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100N4UG.pdf"
  },
  {
   "date": "2022-02-18",
   "doc_id": "S100NJJE",
   "doc_type_code": "270",
   "doc_type": "公開買付報告書",
   "filer": "品川リフラクトリーズ株式会社",
   "filer_en": "SHINAGAWA REFRA CO., LTD.",
   "description": "公開買付報告書",
   "doc_url": "https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100NJJE.pdf"
  }
 ],
 "related": [],
 "flags": [],
 "unverified_count": 0
}