{
 "schema_version": 1,
 "id": "7379-20250707",
 "type": "TOB",
 "status": "completed",
 "announced_date": "2025-07-07",
 "target": {
  "edinet_code": "E36731",
  "sec_code": "7379",
  "name": "株式会社サーキュレーション",
  "name_en": "CIRCULATION Co.,Ltd.",
  "industry": "サービス業",
  "industry_en": "Services"
 },
 "acquirer": {
  "edinet_code": "E33391",
  "sec_code": "3993",
  "name": "株式会社PKSHA Technology",
  "name_en": "PKSHA Technology Inc.",
  "industry": "情報・通信業",
  "industry_en": "Information & Communication"
 },
 "anchor_doc_id": "S100WBJF",
 "needs_review": false,
 "review_reason": null,
 "terms": {
  "tender_price": {
   "history": [
    {
     "value": 901,
     "unit": "yen",
     "as_of_date": null,
     "source": {
      "doc_id": "S100WBJF",
      "doc_url": "https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100WBJF.pdf",
      "submitted": "2025-07-07",
      "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(以下「本公開買付価格」といいます。)を901円"
     }
    }
   ],
   "latest": {
    "value": 901,
    "unit": "yen",
    "as_of_date": null,
    "source": {
     "doc_id": "S100WBJF",
     "doc_url": "https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100WBJF.pdf",
     "submitted": "2025-07-07",
     "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(以下「本公開買付価格」といいます。)を901円"
    }
   }
  },
  "period_business_days": {
   "history": [
    {
     "value": 30,
     "unit": "business_days",
     "as_of_date": null,
     "source": {
      "doc_id": "S100WBJF",
      "doc_url": "https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100WBJF.pdf",
      "submitted": "2025-07-07",
      "quote": "法令に定められた最短期間である20営業日を超える30営業日に設定されており"
     }
    }
   ],
   "latest": {
    "value": 30,
    "unit": "business_days",
    "as_of_date": null,
    "source": {
     "doc_id": "S100WBJF",
     "doc_url": "https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100WBJF.pdf",
     "submitted": "2025-07-07",
     "quote": "法令に定められた最短期間である20営業日を超える30営業日に設定されており"
    }
   }
  },
  "min_shares": {
   "history": [
    {
     "value": 4824200,
     "unit": "shares",
     "as_of_date": null,
     "source": {
      "doc_id": "S100WBJF",
      "doc_url": "https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100WBJF.pdf",
      "submitted": "2025-07-07",
      "quote": "公開買付者は、本公開買付けにおいて4,824,200株(所有割合：56.59％)を買付予定数の下限として設定しており"
     }
    }
   ],
   "latest": {
    "value": 4824200,
    "unit": "shares",
    "as_of_date": null,
    "source": {
     "doc_id": "S100WBJF",
     "doc_url": "https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100WBJF.pdf",
     "submitted": "2025-07-07",
     "quote": "公開買付者は、本公開買付けにおいて4,824,200株(所有割合：56.59％)を買付予定数の下限として設定しており"
    }
   }
  },
  "tendered_shares": {
   "history": [
    {
     "value": 7184849,
     "unit": "shares",
     "as_of_date": null,
     "source": {
      "doc_id": "S100WKEW",
      "doc_url": "https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100WKEW.pdf",
      "submitted": "2025-08-20",
      "quote": "応募株券等の数の合計(7,184,849株)"
     }
    }
   ],
   "latest": {
    "value": 7184849,
    "unit": "shares",
    "as_of_date": null,
    "source": {
     "doc_id": "S100WKEW",
     "doc_url": "https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100WKEW.pdf",
     "submitted": "2025-08-20",
     "quote": "応募株券等の数の合計(7,184,849株)"
    }
   }
  },
  "result": {
   "history": [
    {
     "value": "成立",
     "unit": "text",
     "as_of_date": null,
     "source": {
      "doc_id": "S100WKEW",
      "doc_url": "https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100WKEW.pdf",
      "submitted": "2025-08-20",
      "quote": "応募株券等の数の合計(7,184,849株)が買付予定数の下限(4,824,200株)以上となりましたので"
     }
    }
   ],
   "latest": {
    "value": "成立",
    "unit": "text",
    "as_of_date": null,
    "source": {
     "doc_id": "S100WKEW",
     "doc_url": "https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100WKEW.pdf",
     "submitted": "2025-08-20",
     "quote": "応募株券等の数の合計(7,184,849株)が買付予定数の下限(4,824,200株)以上となりましたので"
    }
   }
  }
 },
 "premiums": [
  {
   "value": 34.48,
   "unit": "percent",
   "as_of_date": "2025-07-03",
   "source": {
    "doc_id": "S100WBPB",
    "doc_url": "https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100WBPB.pdf",
    "submitted": "2025-07-07",
    "quote": "2025年７月３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の670円に対して34.48％"
   },
   "basis": "前営業日終値",
   "basis_en": "Closing price on the business day before announcement"
  },
  {
   "value": 29.83,
   "unit": "percent",
   "as_of_date": "2025-07-03",
   "source": {
    "doc_id": "S100WBPB",
    "doc_url": "https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100WBPB.pdf",
    "submitted": "2025-07-07",
    "quote": "過去１ヶ月間(2025年６月４日から2025年７月３日まで)の終値の単純平均値694円に対して29.83％"
   },
   "basis": "過去1ヶ月間の終値単純平均値",
   "basis_en": "1-month simple average closing price"
  },
  {
   "value": 38.4,
   "unit": "percent",
   "as_of_date": "2025-07-03",
   "source": {
    "doc_id": "S100WBPB",
    "doc_url": "https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100WBPB.pdf",
    "submitted": "2025-07-07",
    "quote": "過去３ヶ月間(2025年４月４日から2025年７月３日まで)の終値の単純平均値651円に対して38.40％"
   },
   "basis": "過去3ヶ月間の終値単純平均値",
   "basis_en": "3-month simple average closing price"
  },
  {
   "value": 41.22,
   "unit": "percent",
   "as_of_date": "2025-07-03",
   "source": {
    "doc_id": "S100WBPB",
    "doc_url": "https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100WBPB.pdf",
    "submitted": "2025-07-07",
    "quote": "過去６ヶ月間(2025年１月６日から2025年７月３日まで)の終値の単純平均値638円に対して41.22％"
   },
   "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": "S100WBPB",
    "doc_url": "https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100WBPB.pdf",
    "submitted": "2025-07-07",
    "quote": "本公開買付けの結果次第では、東京証券取引所の上場廃止基準に従って、当社株式は、所定の手続を経て上場廃止となる予定です。"
   }
  },
  "discount_tob": {
   "value": false,
   "source": null
  },
  "acquirer_type": {
   "value": "strategic",
   "source": {
    "doc_id": "S100WBPB",
    "doc_url": "https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100WBPB.pdf",
    "submitted": "2025-07-07",
    "quote": "当社株式を既に保有し、資本業務提携契約に基づく提携関係を構築している公開買付者は、当社とのシナジーが期待できる有力な提案候補者となりうると考え"
   }
  },
  "auction": {
   "value": true,
   "source": {
    "doc_id": "S100WBPB",
    "doc_url": "https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100WBPB.pdf",
    "submitted": "2025-07-07",
    "quote": "当社は、同年２月中旬から３月上旬にかけて、当社としてシナジーの可能性があると考えた潜在的な提案候補者として、公開買付者以外の企業２社及び個人２名に対しても、当社株式の取得に関する初期的な検討の打診を行いましたが、当社株式の取得に関する意向表明書を提出したのは、公開買付者１社のみでした。"
   }
  },
  "competing_offer": {
   "value": true,
   "source": {
    "doc_id": "S100WBPB",
    "doc_url": "https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100WBPB.pdf",
    "submitted": "2025-07-07",
    "quote": "当初提案者提案を受けて協議が開始されている状況を踏まえ"
   }
  },
  "special_committee": {
   "value": true,
   "source": {
    "doc_id": "S100WBPB",
    "doc_url": "https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100WBPB.pdf",
    "submitted": "2025-07-07",
    "quote": "本取引の協議交渉過程において、本特別委員会は、取引条件の形成過程の初期段階から設置され、また、アドバイザー等の選任・承認権限や公開買付者との交渉権限等が付与されているところ"
   }
  },
  "sc_own_valuer": null,
  "fairness_opinions": [],
  "proposals": [
   {
    "date": "2025-04-25",
    "price": 850,
    "proposer": "acquirer",
    "source": {
     "doc_id": "S100WBPB",
     "doc_url": "https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100WBPB.pdf",
     "submitted": "2025-07-07",
     "quote": "2025年４月25日、公開買付者は、当初提案者に対し、公開買付価格を850円とする旨を提案したとのことです。"
    }
   },
   {
    "date": "2025-05-26",
    "price": 901,
    "proposer": "acquirer",
    "source": {
     "doc_id": "S100WBPB",
     "doc_url": "https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100WBPB.pdf",
     "submitted": "2025-07-07",
     "quote": "2025年５月26日、公開買付者は、当初提案者に対し、公開買付価格を901円とする旨を提案したとのことです。"
    }
   },
   {
    "date": "2025-06-06",
    "price": 901,
    "proposer": "acquirer",
    "source": {
     "doc_id": "S100WBPB",
     "doc_url": "https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100WBPB.pdf",
     "submitted": "2025-07-07",
     "quote": "公開買付者は、2025年６月６日、本公開買付けにおける当社株式１株当たりの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901円、本新株予約権買付価格を１円とする旨の本取引に関する意向表明書(以下「本意向表明書」といいます。)を当社に対して提出しました(以下「初回提案」といいます。)。"
    }
   },
   {
    "date": "2025-06-19",
    "price": 901,
    "proposer": "acquirer",
    "source": {
     "doc_id": "S100WBPB",
     "doc_url": "https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100WBPB.pdf",
     "submitted": "2025-07-07",
     "quote": "公開買付者は、2025年６月19日、当社に対して、本公開買付価格につき、改めて本意向表明書で提案した本公開買付価格と同額である901円とする旨の第２回提案を行ったとのことです。"
    }
   },
   {
    "date": "2025-06-26",
    "price": 901,
    "proposer": "acquirer",
    "source": {
     "doc_id": "S100WBPB",
     "doc_url": "https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100WBPB.pdf",
     "submitted": "2025-07-07",
     "quote": "公開買付者は、2025年６月26日、当社に対して、本公開買付価格につき、改めて本意向表明書で提案した本公開買付価格と同額である901円とする旨の第３回提案を行ったとのことです。"
    }
   }
  ],
  "initial_offer": 850,
  "offer_raise_pct": 6,
  "offer_rounds": 2,
  "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": "acquirer",
   "method": "comparable",
   "method_label": "類似会社比準方式",
   "method_en": "Comparable companies method",
   "metrics": {
    "per_share_value": {
     "low": 648,
     "high": 659,
     "unit": "yen_per_share",
     "source": {
      "doc_id": "S100WBPB",
      "doc_url": "https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100WBPB.pdf",
      "submitted": "2025-07-07",
      "quote": "類似会社比準方式：648円から659円"
     }
    }
   }
  },
  {
   "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": "acquirer",
   "method": "dcf",
   "method_label": "ＤＣＦ方式",
   "method_en": "DCF method",
   "metrics": {
    "per_share_value": {
     "low": 848,
     "high": 1115,
     "unit": "yen_per_share",
     "source": {
      "doc_id": "S100WBPB",
      "doc_url": "https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100WBPB.pdf",
      "submitted": "2025-07-07",
      "quote": "ＤＣＦ方式 ：848円から1,115円"
     }
    }
   }
  },
  {
   "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": "acquirer",
   "method": "market_price",
   "method_label": "市場株価基準方式",
   "method_en": "Market price method",
   "metrics": {
    "per_share_value": {
     "low": 638,
     "high": 706,
     "unit": "yen_per_share",
     "source": {
      "doc_id": "S100WBPB",
      "doc_url": "https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100WBPB.pdf",
      "submitted": "2025-07-07",
      "quote": "市場株価基準方式：638円から706円"
     }
    }
   }
  },
  {
   "valuator": "株式会社プルータス・コンサルティング",
   "valuator_as_written": "プルータス",
   "valuator_en": "Plutus Consulting Co., Ltd.",
   "side": "target",
   "method": "comparable",
   "method_label": "類似会社比較法",
   "method_en": "Comparable companies method",
   "metrics": {
    "per_share_value": {
     "low": 632,
     "high": 667,
     "unit": "yen_per_share",
     "source": {
      "doc_id": "S100WBPB",
      "doc_url": "https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100WBPB.pdf",
      "submitted": "2025-07-07",
      "quote": "類似会社比較法 ：632円から667円"
     }
    }
   }
  },
  {
   "valuator": "株式会社プルータス・コンサルティング",
   "valuator_as_written": "プルータス",
   "valuator_en": "Plutus Consulting Co., Ltd.",
   "side": "target",
   "method": "dcf",
   "method_label": "ＤＣＦ法",
   "method_en": "DCF method",
   "metrics": {
    "per_share_value": {
     "low": 840,
     "high": 996,
     "unit": "yen_per_share",
     "source": {
      "doc_id": "S100WBPB",
      "doc_url": "https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100WBPB.pdf",
      "submitted": "2025-07-07",
      "quote": "ＤＣＦ法 ：840円から996円"
     }
    }
   }
  },
  {
   "valuator": "株式会社プルータス・コンサルティング",
   "valuator_as_written": "プルータス",
   "valuator_en": "Plutus Consulting Co., Ltd.",
   "side": "target",
   "method": "market_price",
   "method_label": "市場株価法",
   "method_en": "Market price method",
   "metrics": {
    "per_share_value": {
     "low": 638,
     "high": 694,
     "unit": "yen_per_share",
     "source": {
      "doc_id": "S100WBPB",
      "doc_url": "https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100WBPB.pdf",
      "submitted": "2025-07-07",
      "quote": "市場株価法 ：638円から694円"
     }
    }
   }
  }
 ],
 "timeline": [
  {
   "date": "2025-07-07",
   "doc_id": "S100WBJF",
   "doc_type_code": "240",
   "doc_type": "公開買付届出書",
   "filer": "株式会社PKSHA Technology",
   "filer_en": "PKSHA Technology Inc.",
   "description": "公開買付届出書",
   "doc_url": "https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100WBJF.pdf"
  },
  {
   "date": "2025-07-07",
   "doc_id": "S100WBPB",
   "doc_type_code": "290",
   "doc_type": "意見表明報告書",
   "filer": "株式会社サーキュレーション",
   "filer_en": "CIRCULATION Co.,Ltd.",
   "description": "意見表明報告書",
   "doc_url": "https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100WBPB.pdf"
  },
  {
   "date": "2025-07-23",
   "doc_id": "S100WE90",
   "doc_type_code": "250",
   "doc_type": "訂正公開買付届出書",
   "filer": "株式会社PKSHA Technology",
   "filer_en": "PKSHA Technology Inc.",
   "description": "訂正公開買付届出書",
   "doc_url": "https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100WE90.pdf"
  },
  {
   "date": "2025-08-20",
   "doc_id": "S100WKEW",
   "doc_type_code": "270",
   "doc_type": "公開買付報告書",
   "filer": "株式会社PKSHA Technology",
   "filer_en": "PKSHA Technology Inc.",
   "description": "公開買付報告書",
   "doc_url": "https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100WKEW.pdf"
  }
 ],
 "related": [],
 "flags": [],
 "unverified_count": 0
}