{
 "schema_version": 1,
 "id": "7523-20250901",
 "type": "MBO",
 "status": "completed",
 "announced_date": "2025-09-01",
 "target": {
  "edinet_code": "E03276",
  "sec_code": "7523",
  "name": "アールビバン株式会社",
  "name_en": "ART VIVANT CO.,LTD.",
  "industry": "小売業",
  "industry_en": "Retail Trade"
 },
 "acquirer": {
  "edinet_code": "E40971",
  "sec_code": null,
  "name": "株式会社Orsay",
  "name_en": "Orsay 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": "S100WMEW",
 "needs_review": false,
 "review_reason": null,
 "terms": {
  "tender_price": {
   "history": [
    {
     "value": 1670,
     "unit": "yen",
     "as_of_date": null,
     "source": {
      "doc_id": "S100WMEW",
      "doc_url": "https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100WMEW.pdf",
      "submitted": "2025-09-01",
      "quote": "なお、本公開買付価格である1,670円は、本公開買付けの公表日の前営業日である2025年８月28日の東京証券取引所スタンダード市場における対象者株式の終値1,100円に対して51.82％"
     }
    }
   ],
   "latest": {
    "value": 1670,
    "unit": "yen",
    "as_of_date": null,
    "source": {
     "doc_id": "S100WMEW",
     "doc_url": "https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100WMEW.pdf",
     "submitted": "2025-09-01",
     "quote": "なお、本公開買付価格である1,670円は、本公開買付けの公表日の前営業日である2025年８月28日の東京証券取引所スタンダード市場における対象者株式の終値1,100円に対して51.82％"
    }
   }
  },
  "min_shares": {
   "history": [
    {
     "value": 2987200,
     "unit": "shares",
     "as_of_date": null,
     "source": {
      "doc_id": "S100WMEW",
      "doc_url": "https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100WMEW.pdf",
      "submitted": "2025-09-01",
      "quote": "公開買付者は、本公開買付けにおいて2,987,200株（所有割合：32.80％）を買付予定数の下限として設定しており"
     }
    }
   ],
   "latest": {
    "value": 2987200,
    "unit": "shares",
    "as_of_date": null,
    "source": {
     "doc_id": "S100WMEW",
     "doc_url": "https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100WMEW.pdf",
     "submitted": "2025-09-01",
     "quote": "公開買付者は、本公開買付けにおいて2,987,200株（所有割合：32.80％）を買付予定数の下限として設定しており"
    }
   }
  },
  "is_mbo": {
   "history": [
    {
     "value": "該当",
     "unit": "text",
     "as_of_date": null,
     "source": {
      "doc_id": "S100WMEW",
      "doc_url": "https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100WMEW.pdf",
      "submitted": "2025-09-01",
      "quote": "なお、本取引はいわゆるマネジメント・バイアウト（ＭＢＯ）（注２）に該当し"
     }
    }
   ],
   "latest": {
    "value": "該当",
    "unit": "text",
    "as_of_date": null,
    "source": {
     "doc_id": "S100WMEW",
     "doc_url": "https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100WMEW.pdf",
     "submitted": "2025-09-01",
     "quote": "なお、本取引はいわゆるマネジメント・バイアウト（ＭＢＯ）（注２）に該当し"
    }
   }
  },
  "period_start": {
   "history": [
    {
     "value": "2025-09-01",
     "unit": "date",
     "as_of_date": null,
     "source": {
      "doc_id": "S100WV1P",
      "doc_url": "https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100WV1P.pdf",
      "submitted": "2025-10-14",
      "quote": "買付け等の期間 2025年９月１日（月曜日）から2025年10月28日（火曜日）まで（39営業日）"
     }
    }
   ],
   "latest": {
    "value": "2025-09-01",
    "unit": "date",
    "as_of_date": null,
    "source": {
     "doc_id": "S100WV1P",
     "doc_url": "https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100WV1P.pdf",
     "submitted": "2025-10-14",
     "quote": "買付け等の期間 2025年９月１日（月曜日）から2025年10月28日（火曜日）まで（39営業日）"
    }
   }
  },
  "period_end": {
   "history": [
    {
     "value": "2025-10-28",
     "unit": "date",
     "as_of_date": null,
     "source": {
      "doc_id": "S100WV1P",
      "doc_url": "https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100WV1P.pdf",
      "submitted": "2025-10-14",
      "quote": "買付け等の期間 2025年９月１日（月曜日）から2025年10月28日（火曜日）まで（39営業日）"
     }
    }
   ],
   "latest": {
    "value": "2025-10-28",
    "unit": "date",
    "as_of_date": null,
    "source": {
     "doc_id": "S100WV1P",
     "doc_url": "https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100WV1P.pdf",
     "submitted": "2025-10-14",
     "quote": "買付け等の期間 2025年９月１日（月曜日）から2025年10月28日（火曜日）まで（39営業日）"
    }
   }
  },
  "period_business_days": {
   "history": [
    {
     "value": 39,
     "unit": "business_days",
     "as_of_date": null,
     "source": {
      "doc_id": "S100WV1P",
      "doc_url": "https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100WV1P.pdf",
      "submitted": "2025-10-14",
      "quote": "買付け等の期間 2025年９月１日（月曜日）から2025年10月28日（火曜日）まで（39営業日）"
     }
    }
   ],
   "latest": {
    "value": 39,
    "unit": "business_days",
    "as_of_date": null,
    "source": {
     "doc_id": "S100WV1P",
     "doc_url": "https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100WV1P.pdf",
     "submitted": "2025-10-14",
     "quote": "買付け等の期間 2025年９月１日（月曜日）から2025年10月28日（火曜日）まで（39営業日）"
    }
   }
  },
  "tendered_shares": {
   "history": [
    {
     "value": 1947759,
     "unit": "shares",
     "as_of_date": null,
     "source": {
      "doc_id": "S100WXI0",
      "doc_url": "https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100WXI0.pdf",
      "submitted": "2025-10-29",
      "quote": "応募株券等の数の合計（1,947,759株）"
     }
    }
   ],
   "latest": {
    "value": 1947759,
    "unit": "shares",
    "as_of_date": null,
    "source": {
     "doc_id": "S100WXI0",
     "doc_url": "https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100WXI0.pdf",
     "submitted": "2025-10-29",
     "quote": "応募株券等の数の合計（1,947,759株）"
    }
   }
  },
  "result": {
   "history": [
    {
     "value": "不成立",
     "unit": "text",
     "as_of_date": null,
     "source": {
      "doc_id": "S100WXI0",
      "doc_url": "https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100WXI0.pdf",
      "submitted": "2025-10-29",
      "quote": "応募株券等の数の合計（1,947,759株）が買付予定数の下限（2,987,200株）に満たなかったため、公開買付開始公告及び公開買付届出書（その後提出された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せん。"
     }
    }
   ],
   "latest": {
    "value": "不成立",
    "unit": "text",
    "as_of_date": null,
    "source": {
     "doc_id": "S100WXI0",
     "doc_url": "https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100WXI0.pdf",
     "submitted": "2025-10-29",
     "quote": "応募株券等の数の合計（1,947,759株）が買付予定数の下限（2,987,200株）に満たなかったため、公開買付開始公告及び公開買付届出書（その後提出された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せん。"
    }
   }
  }
 },
 "premiums": [
  {
   "value": 51.82,
   "unit": "percent",
   "as_of_date": "2025-08-28",
   "source": {
    "doc_id": "S100WMF6",
    "doc_url": "https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100WMF6.pdf",
    "submitted": "2025-09-01",
    "quote": "本公開買付けの公表日の前営業日である2025年８月28日の東京証券取引所スタンダード市場における当社株式の終値1,100円に対して51.82％"
   },
   "basis": "前営業日終値",
   "basis_en": "Closing price on the business day before announcement"
  },
  {
   "value": 55.64,
   "unit": "percent",
   "as_of_date": "2025-08-28",
   "source": {
    "doc_id": "S100WMF6",
    "doc_url": "https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100WMF6.pdf",
    "submitted": "2025-09-01",
    "quote": "2025年８月28日までの直近１ヶ月間の終値単純平均値1,073円に対して55.64％"
   },
   "basis": "過去1ヶ月間の終値単純平均値",
   "basis_en": "1-month simple average closing price"
  },
  {
   "value": 58.59,
   "unit": "percent",
   "as_of_date": "2025-08-28",
   "source": {
    "doc_id": "S100WMF6",
    "doc_url": "https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100WMF6.pdf",
    "submitted": "2025-09-01",
    "quote": "直近３ヶ月間の終値単純平均値1,053円に対して58.59％"
   },
   "basis": "過去3ヶ月間の終値単純平均値",
   "basis_en": "3-month simple average closing price"
  },
  {
   "value": 57.99,
   "unit": "percent",
   "as_of_date": "2025-08-28",
   "source": {
    "doc_id": "S100WMF6",
    "doc_url": "https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100WMF6.pdf",
    "submitted": "2025-09-01",
    "quote": "直近６ヶ月間の終値単純平均値1,057円に対して57.99％"
   },
   "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": "S100WMF6",
    "doc_url": "https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100WMF6.pdf",
    "submitted": "2025-09-01",
    "quote": "公開買付者を当社の唯一の株主とすることを目的として、本スクイーズアウト手続の完了を条件として、公開買付者を株式交換完全親会社、当社を株式交換完全子会社とする株式交換（以下「本株式交換」といいます。）（注６）を実施することを予定しているとのことです。"
   }
  },
  "discount_tob": {
   "value": false,
   "source": null
  },
  "acquirer_type": {
   "value": "management",
   "source": {
    "doc_id": "S100WMF6",
    "doc_url": "https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100WMF6.pdf",
    "submitted": "2025-09-01",
    "quote": "なお、本取引はいわゆるマネジメント・バイアウト（ＭＢＯ）に該当し、野澤氏は本取引後も継続して当社の経営に従事することを予定しているとのことです。"
   }
  },
  "auction": {
   "value": false,
   "source": null
  },
  "competing_offer": {
   "value": false,
   "source": null
  },
  "special_committee": {
   "value": true,
   "source": {
    "doc_id": "S100WMF6",
    "doc_url": "https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100WMF6.pdf",
    "submitted": "2025-09-01",
    "quote": "2025年７月２日開催の当社取締役会決議により"
   }
  },
  "sc_own_valuer": null,
  "fairness_opinions": [],
  "proposals": [
   {
    "date": null,
    "price": 1400,
    "proposer": "acquirer",
    "source": {
     "doc_id": "S100WMF6",
     "doc_url": "https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100WMF6.pdf",
     "submitted": "2025-09-01",
     "quote": "本公開買付価格を1,400円とする旨の初回の価格提案を受領した。"
    }
   },
   {
    "date": "2025-08-13",
    "price": 1520,
    "proposer": "acquirer",
    "source": {
     "doc_id": "S100WMF6",
     "doc_url": "https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100WMF6.pdf",
     "submitted": "2025-09-01",
     "quote": "その後、当社は、2025年８月13日、野澤氏から、本公開買付価格を１株当たり1,520円とする旨の再提案を受領した。"
    }
   },
   {
    "date": "2025-08-21",
    "price": 1600,
    "proposer": "acquirer",
    "source": {
     "doc_id": "S100WMF6",
     "doc_url": "https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100WMF6.pdf",
     "submitted": "2025-09-01",
     "quote": "その後、当社は、2025年８月21日、野澤氏から、本公開買付価格を１株当たり1,600円とする旨の再提案を受領した。"
    }
   },
   {
    "date": "2025-08-26",
    "price": 1665,
    "proposer": "acquirer",
    "source": {
     "doc_id": "S100WMF6",
     "doc_url": "https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100WMF6.pdf",
     "submitted": "2025-09-01",
     "quote": "その後、当社は、2025年８月26日、野澤氏から、本公開買付価格を１株当たり1,665円とする旨の再提案を受領した。"
    }
   },
   {
    "date": "2025-08-28",
    "price": 1670,
    "proposer": "acquirer",
    "source": {
     "doc_id": "S100WMF6",
     "doc_url": "https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100WMF6.pdf",
     "submitted": "2025-09-01",
     "quote": "その後、当社は、2025年８月28日、野澤氏から、本公開買付価格を１株当たり1,670円とする旨の最終提案を受領した。"
    }
   }
  ],
  "initial_offer": 1400,
  "offer_raise_pct": 19.29,
  "offer_rounds": 5,
  "negotiation_excluded": null,
  "category": "delisting",
  "category_basis": "filing"
 },
 "valuations": [
  {
   "valuator": "株式会社ストリーム",
   "valuator_as_written": "株式会社ストリーム",
   "valuator_en": "Stream Co., Ltd.",
   "side": "target",
   "method": "dcf",
   "method_label": "ＤＣＦ法",
   "method_en": "DCF method",
   "metrics": {
    "per_share_value": {
     "low": 1520,
     "high": 2150,
     "unit": "yen_per_share",
     "source": {
      "doc_id": "S100WMF6",
      "doc_url": "https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100WMF6.pdf",
      "submitted": "2025-09-01",
      "quote": "ＤＣＦ法 ：1,520円から2,150円"
     }
    },
    "perpetual_growth_rate": {
     "low": -0.25,
     "high": 0.25,
     "unit": "percent",
     "source": {
      "doc_id": "S100WMF6",
      "doc_url": "https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100WMF6.pdf",
      "submitted": "2025-09-01",
      "quote": "各事業ともに－0.25％～0.25％"
     }
    }
   },
   "segments": [
    {
     "name": "アート関連事業",
     "name_en": "Art-related business",
     "metrics": {
      "discount_rate": {
       "low": 10.2,
       "high": 12.2,
       "unit": "percent",
       "source": {
        "doc_id": "S100WMF6",
        "doc_url": "https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100WMF6.pdf",
        "submitted": "2025-09-01",
        "quote": "アート関連事業については10.2％～12.2％"
       }
      }
     }
    },
    {
     "name": "金融サービス事業",
     "name_en": "Financial services business",
     "metrics": {
      "discount_rate": {
       "low": 5.5,
       "high": 7.5,
       "unit": "percent",
       "source": {
        "doc_id": "S100WMF6",
        "doc_url": "https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100WMF6.pdf",
        "submitted": "2025-09-01",
        "quote": "金融サービス事業については5.5％～7.5％"
       }
      }
     }
    },
    {
     "name": "健康産業事業",
     "name_en": "Health industry business",
     "metrics": {
      "discount_rate": {
       "low": 9.6,
       "high": 11.6,
       "unit": "percent",
       "source": {
        "doc_id": "S100WMF6",
        "doc_url": "https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100WMF6.pdf",
        "submitted": "2025-09-01",
        "quote": "健康産業事業については9.6％～11.6％"
       }
      }
     }
    }
   ]
  },
  {
   "valuator": "株式会社ストリーム",
   "valuator_as_written": "株式会社ストリーム",
   "valuator_en": "Stream Co., Ltd.",
   "side": "target",
   "method": "market_price",
   "method_label": "市場株価法",
   "method_en": "Market price method",
   "metrics": {
    "per_share_value": {
     "low": 1053,
     "high": 1100,
     "unit": "yen_per_share",
     "source": {
      "doc_id": "S100WMF6",
      "doc_url": "https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100WMF6.pdf",
      "submitted": "2025-09-01",
      "quote": "市場株価法：1,053円から1,100円"
     }
    }
   }
  }
 ],
 "timeline": [
  {
   "date": "2025-09-01",
   "doc_id": "S100WMEW",
   "doc_type_code": "240",
   "doc_type": "公開買付届出書",
   "filer": "株式会社Orsay",
   "filer_en": "Orsay Co., Ltd.",
   "description": "公開買付届出書",
   "doc_url": "https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100WMEW.pdf"
  },
  {
   "date": "2025-09-01",
   "doc_id": "S100WMF6",
   "doc_type_code": "290",
   "doc_type": "意見表明報告書",
   "filer": "アールビバン株式会社",
   "filer_en": "ART VIVANT CO.,LTD.",
   "description": "意見表明報告書",
   "doc_url": "https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100WMF6.pdf"
  },
  {
   "date": "2025-10-14",
   "doc_id": "S100WV1P",
   "doc_type_code": "250",
   "doc_type": "訂正公開買付届出書",
   "filer": "株式会社Orsay",
   "filer_en": "Orsay Co., Ltd.",
   "description": "訂正公開買付届出書",
   "doc_url": "https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100WV1P.pdf"
  },
  {
   "date": "2025-10-15",
   "doc_id": "S100WVEK",
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