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Tender offer · TOB · Closed

SHINWA WISE HOLDINGS CO.,LTD.2437

Acquirer: New Horizon No. 4 Investment Limited Partnership · Sector: Services · Tender offer filing date: 2025-04-10 · Open on EDINET · Deal data (JSON)

Offer price per share
¥400[1]
Premium (prior-day close)
3.6%[2]
2025-03-27
Result
Unsuccessful[3]
Valuers
1

Valuation ranges vs the offer price

Value-per-share range from each valuer (colour shows who engaged them) and the offer price (vertical line). Values and sources are in the table below.

Acquirer
Tender Offerors DCF method Tender Offerors · DCF method (Acquirer): ¥309 〜 ¥379 Market price method Tender Offerors · Market price method (Acquirer): ¥284 〜 ¥356 Offer ¥400 300325350375400

Deal characteristics

Category
Partial offer (stays listed) [4]
Acquirer type
Financial sponsor[5]
Auction (chosen from several bidders)
Not stated
Competing proposal
Not stated
Special committee
Not stated
Valuer engaged by the special committee
Not stated
Fairness opinion
Not stated

Offer price negotiation

From the acquirer's first proposal of ¥400 to the offer price of ¥400: 0.0% (1 distinct proposed prices).

DateProposed byPrice per share
— Acquirer ¥400[6]

Offer terms

ItemValueHistory
Offer price per common share ¥400 [1] —
Minimum shares 1,589,700 shares [7] —
Maximum shares 3,382,600 shares [8] —
Shares tendered 620,417 shares [9] —
Result Unsuccessful [3] —

Premiums (as stated in filings)

BasisAs ofValue
Closing price on the business day before announcement 2025-03-27 3.6%[2]
1-month simple average closing price 2025-03-27 8.7%[10]
3-month simple average closing price 2025-03-27 28.2%[11]
6-month simple average closing price 2025-03-27 39.9%[12]

Premiums are as stated in the filings (not recalculated from market prices).

Valuations

Valuer Engaged by Method Value per share Discount rate Perpetual growth rate
Tender Offerors Acquirer DCF method Value per share ¥309 〜 ¥379[13] Discount rate — Perpetual growth rate —
Tender Offerors Acquirer Market price method (市場株価基準法) Value per share ¥284 〜 ¥356[14] Discount rate — Perpetual growth rate —

Timeline (filings)

FilingDateFilerdocID
Tender Offer Registration Statement 2025-04-10 New Horizon No. 4 Investment Limited Partnership S100VLKE
Position Statement 2025-04-22 SHINWA WISE HOLDINGS CO.,LTD. S100VNDY
Amended Tender Offer Registration Statement 2025-04-23 New Horizon No. 4 Investment Limited Partnership S100VNV6
Amended Tender Offer Registration Statement 2025-05-12 New Horizon No. 4 Investment Limited Partnership S100VQHI
Tender Offer Report 2025-05-27 New Horizon No. 4 Investment Limited Partnership S100VTW0

Sources

  1. Tender Offer Registration Statement (S100VLKE) 2025-04-10
    Original text (Japanese): 以下のとおり、３月19日に本公開買付価格を400円とすることを決定いたしました。
  2. Position Statement (S100VNDY) 2025-04-22
    Original text (Japanese): 2025年３月27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386円に対して3.63％のプレミアム
  3. Tender Offer Report (S100VTW0) 2025-05-27
    Original text (Japanese): 応募株券等の総数(620,417株)が買付予定数の下限(1,589,700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。
  4. Position Statement (S100VNDY) 2025-04-22
    Original text (Japanese): 本公開買付けの成立後も当社株式の上場は維持される予定であることを踏まえ
  5. Position Statement (S100VNDY) 2025-04-22
    Original text (Japanese): (1）名称 ニューホライズン４号投資事業有限責任組合
  6. Position Statement (S100VNDY) 2025-04-22
    Original text (Japanese): 本公開買付けは、本公開買付価格を普通株式１株につき金400円とするものであり
  7. Tender Offer Registration Statement (S100VLKE) 2025-04-10
    Original text (Japanese): また、買付予定数の下限を1,589,700株(所有割合：14.81％)と設定しており
  8. Tender Offer Registration Statement (S100VLKE) 2025-04-10
    Original text (Japanese): 買付予定数の上限を3,382,600株(所有割合：31.51％)と設定しています。
  9. Tender Offer Report (S100VTW0) 2025-05-27
    Original text (Japanese): 応募株券等の総数(620,417株)
  10. Position Statement (S100VNDY) 2025-04-22
    Original text (Japanese): 同日までの１か月間の終値単純平均値368円に対して8.70％のプレミアム
  11. Tender Offer Registration Statement (S100VLKE) 2025-04-10
    Original text (Japanese): 同日までの３ヶ月間の終値単純平均値312円に対して28.21％
  12. Tender Offer Registration Statement (S100VLKE) 2025-04-10
    Original text (Japanese): 同日までの６ヶ月間の終値単純平均値286円に対して39.86％のプレミアム
  13. Tender Offer Registration Statement (S100VLKE) 2025-04-10
    Original text (Japanese): DCF法 ：309円から379円
  14. Tender Offer Registration Statement (S100VLKE) 2025-04-10
    Original text (Japanese): 市場株価基準法 ：284円から356円