{
 "schema_version": 1,
 "id": "5481-20250203",
 "type": "TOB",
 "status": "completed",
 "announced_date": "2025-02-03",
 "target": {
  "edinet_code": "E01243",
  "sec_code": "5481",
  "name": "山陽特殊製鋼株式会社",
  "name_en": "Sanyo Special Steel Co.,Ltd.",
  "industry": "鉄鋼",
  "industry_en": "Iron & Steel"
 },
 "acquirer": {
  "edinet_code": "E01225",
  "sec_code": "5401",
  "name": "日本製鉄株式会社",
  "name_en": "NIPPON STEEL CORPORATION",
  "industry": "鉄鋼",
  "industry_en": "Iron & Steel"
 },
 "anchor_doc_id": "S100V67E",
 "needs_review": false,
 "review_reason": null,
 "terms": {
  "tender_price": {
   "history": [
    {
     "value": 2750,
     "unit": "yen",
     "as_of_date": null,
     "source": {
      "doc_id": "S100V67E",
      "doc_url": "https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100V67E.pdf",
      "submitted": "2025-02-03",
      "quote": "本公開買付価格を１株当たり2,750円とすることを決定いたしました。"
     }
    }
   ],
   "latest": {
    "value": 2750,
    "unit": "yen",
    "as_of_date": null,
    "source": {
     "doc_id": "S100V67E",
     "doc_url": "https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100V67E.pdf",
     "submitted": "2025-02-03",
     "quote": "本公開買付価格を１株当たり2,750円とすることを決定いたしました。"
    }
   }
  },
  "min_shares": {
   "history": [
    {
     "value": 7457756,
     "unit": "shares",
     "as_of_date": null,
     "source": {
      "doc_id": "S100V67E",
      "doc_url": "https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100V67E.pdf",
      "submitted": "2025-02-03",
      "quote": "公開買付者は、買付予定数の下限を7,457,756株(所有割合：13.69％)としており"
     }
    }
   ],
   "latest": {
    "value": 7457756,
    "unit": "shares",
    "as_of_date": null,
    "source": {
     "doc_id": "S100V67E",
     "doc_url": "https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100V67E.pdf",
     "submitted": "2025-02-03",
     "quote": "公開買付者は、買付予定数の下限を7,457,756株(所有割合：13.69％)としており"
    }
   }
  },
  "tendered_shares": {
   "history": [
    {
     "value": 21349555,
     "unit": "shares",
     "as_of_date": null,
     "source": {
      "doc_id": "S100VFHA",
      "doc_url": "https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100VFHA.pdf",
      "submitted": "2025-03-19",
      "quote": "応募株券等の総数(21,349,555株)"
     }
    }
   ],
   "latest": {
    "value": 21349555,
    "unit": "shares",
    "as_of_date": null,
    "source": {
     "doc_id": "S100VFHA",
     "doc_url": "https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100VFHA.pdf",
     "submitted": "2025-03-19",
     "quote": "応募株券等の総数(21,349,555株)"
    }
   }
  },
  "result": {
   "history": [
    {
     "value": "成立",
     "unit": "text",
     "as_of_date": null,
     "source": {
      "doc_id": "S100VFHA",
      "doc_url": "https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100VFHA.pdf",
      "submitted": "2025-03-19",
      "quote": "応募株券等の総数(21,349,555株)が買付予定数の下限(7,457,756株)以上となりましたので"
     }
    }
   ],
   "latest": {
    "value": "成立",
    "unit": "text",
    "as_of_date": null,
    "source": {
     "doc_id": "S100VFHA",
     "doc_url": "https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100VFHA.pdf",
     "submitted": "2025-03-19",
     "quote": "応募株券等の総数(21,349,555株)が買付予定数の下限(7,457,756株)以上となりましたので"
    }
   }
  }
 },
 "premiums": [
  {
   "value": 41.39,
   "unit": "percent",
   "as_of_date": "2025-01-30",
   "source": {
    "doc_id": "S100V6EH",
    "doc_url": "https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100V6EH.pdf",
    "submitted": "2025-02-03",
    "quote": "2025年１月30日の東京証券取引所における当社株式の終値1,945円に対して41.39％"
   },
   "basis": "前営業日終値",
   "basis_en": "Closing price on the business day before announcement"
  },
  {
   "value": 44.58,
   "unit": "percent",
   "as_of_date": "2025-01-30",
   "source": {
    "doc_id": "S100V6EH",
    "doc_url": "https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100V6EH.pdf",
    "submitted": "2025-02-03",
    "quote": "同日までの直近１ヶ月間の終値の単純平均値1,902円に対して44.58％"
   },
   "basis": "過去1ヶ月間の終値単純平均値",
   "basis_en": "1-month simple average closing price"
  },
  {
   "value": 47.85,
   "unit": "percent",
   "as_of_date": "2025-01-30",
   "source": {
    "doc_id": "S100V6EH",
    "doc_url": "https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100V6EH.pdf",
    "submitted": "2025-02-03",
    "quote": "同直近３ヶ月間の終値の単純平均値1,860円に対して47.85％"
   },
   "basis": "過去3ヶ月間の終値単純平均値",
   "basis_en": "3-month simple average closing price"
  },
  {
   "value": 46.82,
   "unit": "percent",
   "as_of_date": "2025-01-30",
   "source": {
    "doc_id": "S100V6EH",
    "doc_url": "https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100V6EH.pdf",
    "submitted": "2025-02-03",
    "quote": "同直近６ヶ月間の終値の単純平均値1,873円に対して46.82％"
   },
   "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": "S100V6EH",
    "doc_url": "https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100V6EH.pdf",
    "submitted": "2025-02-03",
    "quote": "本公開買付けの成立後に、下記「(5) 本公開買付け後の組織再編等の方針(いわゆる二段階買収に関する事項)」に記載の各手続を実施することとなった場合には、所定の手続を経て上場廃止となります。"
   }
  },
  "discount_tob": {
   "value": false,
   "source": null
  },
  "acquirer_type": {
   "value": "parent",
   "source": {
    "doc_id": "S100V6EH",
    "doc_url": "https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100V6EH.pdf",
    "submitted": "2025-02-03",
    "quote": "公開買付者は、当社株式の所有割合が52.98％である当社の支配株主(親会社)であり"
   }
  },
  "auction": {
   "value": false,
   "source": null
  },
  "competing_offer": {
   "value": false,
   "source": null
  },
  "special_committee": {
   "value": true,
   "source": {
    "doc_id": "S100V6EH",
    "doc_url": "https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100V6EH.pdf",
    "submitted": "2025-02-03",
    "quote": "要木洋氏(当社監査等委員である独立社外取締役、元・株式会社三井住友銀行理事)、藤原佳代氏(当社独立社外取締役、ENEOSオーシャン株式会社取締役常務執行役員)、戸出巌氏(当社独立社外取締役、元・三菱商事株式会社常務執行役員自動車・モビリティグループCEO)及び宮口亜希氏(当社監査等委員である独立社外取締役、公認会計士宮口亜希事務所所長)の４名から構成される本特別委員会"
   }
  },
  "sc_own_valuer": {
   "value": "野村證券株式会社",
   "source": {
    "doc_id": "S100V6EH",
    "doc_url": "https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100V6EH.pdf",
    "submitted": "2025-02-03",
    "quote": "公開買付者グループ及び当社グループから独立した独自のファイナンシャル・アドバイザー及び第三者算定機関として野村證券株式会社(以下「野村證券」といいます。)を、公開買付者グループ及び当社グループから独立した独自のリーガル・アドバイザーとして中村・角田・松本法律事務所をそれぞれ選任する旨を決定しております。"
   }
  },
  "fairness_opinions": [
   {
    "obtained_by": "special_committee",
    "provider": "野村證券株式会社",
    "source": {
     "doc_id": "S100V6EH",
     "doc_url": "https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100V6EH.pdf",
     "submitted": "2025-02-03",
     "quote": "本特別委員会は、2025年１月30日付で野村證券から当社株式に係る株式価値算定書(以下「本株式価値算定書(野村證券)」といいます。)及び本公開買付価格である１株当たり2,750円が当社の株主(公開買付者を除きます。)にとって財務的見地から妥当であると考える旨のフェアネス・オピニオン(以下「本フェアネス・オピニオン(野村證券)」といいます。)の提出を受けております"
    }
   },
   {
    "obtained_by": "target",
    "provider": "SMBC日興証券株式会社",
    "source": {
     "doc_id": "S100V6EH",
     "doc_url": "https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100V6EH.pdf",
     "submitted": "2025-02-03",
     "quote": "ＳＭＢＣ日興証券から、本公開買付価格である１株当たり2,750円が当社の株主(公開買付者及び自己株式として当社株式を所有する当社を除きます。)にとって財務的見地より公正であると考える旨の本フェアネス・オピニオン(ＳＭＢＣ日興証券)が発行されていること。"
    }
   }
  ],
  "proposals": [
   {
    "date": null,
    "price": 2350,
    "proposer": "acquirer",
    "source": {
     "doc_id": "S100V6EH",
     "doc_url": "https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100V6EH.pdf",
     "submitted": "2025-02-03",
     "quote": "公開買付者から、本公開買付けにおける本公開買付価格を2,350円(提案実施日の前営業日である同月19日の東京証券取引所プライム市場における当社株式の終値1,773円に対するプレミアム率は32.54％"
    }
   },
   {
    "date": null,
    "price": 2550,
    "proposer": "acquirer",
    "source": {
     "doc_id": "S100V6EH",
     "doc_url": "https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100V6EH.pdf",
     "submitted": "2025-02-03",
     "quote": "公開買付者より、本公開買付価格を2,550円(提案実施日の前営業日である同月16日の東京証券取引所プライム市場における当社株式の終値1,846円に対するプレミアム率は38.14％"
    }
   },
   {
    "date": null,
    "price": 2800,
    "proposer": "target_or_committee",
    "source": {
     "doc_id": "S100V6EH",
     "doc_url": "https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100V6EH.pdf",
     "submitted": "2025-02-03",
     "quote": "公開買付者に対して2,800円を提案いたしました。"
    }
   },
   {
    "date": null,
    "price": 2750,
    "proposer": "acquirer",
    "source": {
     "doc_id": "S100V6EH",
     "doc_url": "https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100V6EH.pdf",
     "submitted": "2025-02-03",
     "quote": "公開買付者より、最終提示価格として、本公開買付価格を2,750円(提案実施日の前営業日である同月22日の東京証券取引所プライム市場における当社株式の終値1,890円に対するプレミアム率は45.50％"
    }
   }
  ],
  "initial_offer": 2350,
  "offer_raise_pct": 17.02,
  "offer_rounds": 3,
  "negotiation_excluded": null,
  "category": "delisting",
  "category_basis": "filing"
 },
 "valuations": [
  {
   "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": "acquirer",
   "method": "comparable",
   "method_label": "類似会社比較法",
   "method_en": "Comparable companies method",
   "metrics": {
    "per_share_value": {
     "low": 564,
     "high": 1692,
     "unit": "yen_per_share",
     "source": {
      "doc_id": "S100V6EH",
      "doc_url": "https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100V6EH.pdf",
      "submitted": "2025-02-03",
      "quote": "類似会社比較法     ：564円～1,692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": "acquirer",
   "method": "dcf",
   "method_label": "DCF法",
   "method_en": "DCF method",
   "metrics": {
    "per_share_value": {
     "low": 1933,
     "high": 2791,
     "unit": "yen_per_share",
     "source": {
      "doc_id": "S100V6EH",
      "doc_url": "https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100V6EH.pdf",
      "submitted": "2025-02-03",
      "quote": "DCF法      ：1,933円～2,791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": "acquirer",
   "method": "market_price",
   "method_label": "市場株価法",
   "method_en": "Market price method",
   "metrics": {
    "per_share_value": {
     "low": 1860,
     "high": 1945,
     "unit": "yen_per_share",
     "source": {
      "doc_id": "S100V6EH",
      "doc_url": "https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100V6EH.pdf",
      "submitted": "2025-02-03",
      "quote": "市場株価法     ：1,860円～1,945円"
     }
    }
   }
  },
  {
   "valuator": "野村證券株式会社",
   "valuator_as_written": "野村證券株式会社",
   "valuator_en": "Nomura Securities Co., Ltd.",
   "side": "special_committee",
   "method": "comparable",
   "method_label": "類似会社比較法",
   "method_en": "Comparable companies method",
   "metrics": {
    "per_share_value": {
     "low": 1773,
     "high": 3113,
     "unit": "yen_per_share",
     "source": {
      "doc_id": "S100V6EH",
      "doc_url": "https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100V6EH.pdf",
      "submitted": "2025-02-03",
      "quote": "類似会社比較法： 1,773円～3,113円"
     }
    }
   }
  },
  {
   "valuator": "野村證券株式会社",
   "valuator_as_written": "野村證券株式会社",
   "valuator_en": "Nomura Securities Co., Ltd.",
   "side": "special_committee",
   "method": "dcf",
   "method_label": "DCF法",
   "method_en": "DCF method",
   "metrics": {
    "per_share_value": {
     "low": 2126,
     "high": 3129,
     "unit": "yen_per_share",
     "source": {
      "doc_id": "S100V6EH",
      "doc_url": "https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100V6EH.pdf",
      "submitted": "2025-02-03",
      "quote": "DCF法： 2,126円～3,129円"
     }
    }
   }
  },
  {
   "valuator": "野村證券株式会社",
   "valuator_as_written": "野村證券株式会社",
   "valuator_en": "Nomura Securities Co., Ltd.",
   "side": "special_committee",
   "method": "market_price",
   "method_label": "市場株価平均法",
   "method_en": "Market price method",
   "metrics": {
    "per_share_value": {
     "low": 1860,
     "high": 1945,
     "unit": "yen_per_share",
     "source": {
      "doc_id": "S100V6EH",
      "doc_url": "https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100V6EH.pdf",
      "submitted": "2025-02-03",
      "quote": "市場株価平均法： 1,860円～1,945円"
     }
    }
   }
  },
  {
   "valuator": "SMBC日興証券株式会社",
   "valuator_as_written": "SMBC日興証券株式会社",
   "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": 1582,
     "high": 2662,
     "unit": "yen_per_share",
     "source": {
      "doc_id": "S100V6EH",
      "doc_url": "https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100V6EH.pdf",
      "submitted": "2025-02-03",
      "quote": "類似上場会社比較法： 1,582円～2,662円"
     }
    }
   }
  },
  {
   "valuator": "SMBC日興証券株式会社",
   "valuator_as_written": "SMBC日興証券株式会社",
   "valuator_en": "SMBC Nikko Securities Inc.",
   "side": "target",
   "method": "dcf",
   "method_label": "DCF法",
   "method_en": "DCF method",
   "metrics": {
    "per_share_value": {
     "low": 2410,
     "high": 3591,
     "unit": "yen_per_share",
     "source": {
      "doc_id": "S100V6EH",
      "doc_url": "https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100V6EH.pdf",
      "submitted": "2025-02-03",
      "quote": "DCF法： 2,410円～3,591円"
     }
    },
    "discount_rate": {
     "low": 6.2,
     "high": 7.2,
     "unit": "percent",
     "source": {
      "doc_id": "S100V6EH",
      "doc_url": "https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100V6EH.pdf",
      "submitted": "2025-02-03",
      "quote": "割引率は6.20％～7.20％を採用しており"
     }
    },
    "perpetual_growth_rate": {
     "low": -0.25,
     "high": 0.25,
     "unit": "percent",
     "source": {
      "doc_id": "S100V6EH",
      "doc_url": "https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100V6EH.pdf",
      "submitted": "2025-02-03",
      "quote": "永久成長率は-0.25％～0.25％として当社株式の１株当たり株式価値を算定しております"
     }
    }
   }
  },
  {
   "valuator": "SMBC日興証券株式会社",
   "valuator_as_written": "SMBC日興証券株式会社",
   "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": 1860,
     "high": 1902,
     "unit": "yen_per_share",
     "source": {
      "doc_id": "S100V6EH",
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