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Tender offer · TOB · Closed

VINX Corporation3784

Acquirer: FUJI SOFT INCORPORATED · Sector: — · Tender offer filing date: 2023-11-09 · Open on EDINET · Deal data (JSON)

Offer price per share
¥2,020[1]
Premium (prior-day close)
65.7%[2]
2023-11-07
Result
Successful[3]
Valuers
2

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.

AcquirerTarget
SMBC Nikko Securities Comparable companies method SMBC Nikko Securities Inc. · Comparable companies method (Acquirer): ¥1,447 〜 ¥1,711 DCF method SMBC Nikko Securities Inc. · DCF method (Acquirer): ¥1,881 〜 ¥3,229 Market price method SMBC Nikko Securities Inc. · Market price method (Acquirer): ¥1,188 〜 ¥1,331 Nomura Securities Comparable companies method Nomura Securities Co., Ltd. · Comparable companies method (Target): ¥1,602 〜 ¥2,198 DCF method Nomura Securities Co., Ltd. · DCF method (Target): ¥1,826 〜 ¥3,053 Market price method Nomura Securities Co., Ltd. · Market price method (Target): ¥1,188 〜 ¥1,331 Offer ¥2,020 1,5002,0002,5003,000

Deal characteristics

Category
Take-private [4]
Acquirer type
Parent / existing major shareholder[5]
Auction (chosen from several bidders)
Not stated
Competing proposal
Not stated
Special committee
Yes[6]
Valuer engaged by the special committee
Not stated
Fairness opinion
Not stated

Offer price negotiation

From the acquirer's first proposal of ¥1,739 to the offer price of ¥2,020: +16.2% (6 distinct proposed prices).

DateProposed byPrice per share
2023-10-06 Acquirer ¥1,739[7]
2023-10-18 Acquirer ¥1,772[8]
2023-10-30 Acquirer ¥1,833[9]
2023-11-01 Acquirer ¥1,918[10]
2023-11-06 Acquirer ¥2,013[11]
— Target / special committee (request) ¥2,050[12]
2023-11-07 Acquirer ¥2,020[13]

Offer terms

ItemValueHistory
Offer price per common share ¥2,020 [1] —
Minimum shares 1,441,600 shares [14] —
Shares tendered 6,440,016 shares [15] —
Result Successful [3] —

Premiums (as stated in filings)

BasisAs ofValue
Closing price on the business day before announcement 2023-11-07 65.7%[2]
1-month simple average closing price 2023-11-07 70.0%[16]
3-month simple average closing price 2023-11-07 59.4%[17]
6-month simple average closing price 2023-11-07 51.8%[18]

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
SMBC Nikko Securities Inc. Acquirer Comparable companies method Value per share ¥1,447 〜 ¥1,711[19] Discount rate — Perpetual growth rate —
SMBC Nikko Securities Inc. Acquirer DCF method Value per share ¥1,881 〜 ¥3,229[20] Discount rate — Perpetual growth rate —
SMBC Nikko Securities Inc. Acquirer Market price method (市場株価法) Value per share ¥1,188 〜 ¥1,331[21] Discount rate — Perpetual growth rate —
Nomura Securities Co., Ltd. Target Comparable companies method Value per share ¥1,602 〜 ¥2,198[22] Discount rate — Perpetual growth rate —
Nomura Securities Co., Ltd. Target DCF method Value per share ¥1,826 〜 ¥3,053[23] Discount rate 7.3% 〜 7.8%[24] Perpetual growth rate -0.3% 〜 0.3%[25]
Nomura Securities Co., Ltd. Target Market price method (市場株価平均法) Value per share ¥1,188 〜 ¥1,331[26] Discount rate — Perpetual growth rate —

Timeline (filings)

FilingDateFilerdocID
Tender Offer Registration Statement 2023-11-09 FUJI SOFT INCORPORATED S100S67K
Position Statement 2023-11-09 VINX Corporation S100S6ZU
Amended Tender Offer Registration Statement 2023-11-29 FUJI SOFT INCORPORATED S100SD84
Tender Offer Report 2023-12-22 FUJI SOFT INCORPORATED S100SITD

Sources

  1. Tender Offer Registration Statement (S100S67K) 2023-11-09
    Original text (Japanese): 本公開買付価格2,020円は対象者の一般株主の皆様が享受すべき利益が確保された妥当な価格であり
  2. Position Statement (S100S6ZU) 2023-11-09
    Original text (Japanese): 終値1,219円に対して65.71％
  3. Tender Offer Report (S100SITD) 2023-12-22
    Original text (Japanese): 応募株券等の総数(6,440,016株)が買付予定数の下限(1,441,600株)以上となりましたので
  4. Position Statement (S100S6ZU) 2023-11-09
    Original text (Japanese): 公開買付者は、上場廃止により当社における上場維持コストを削減するとともに、販管部門の共有や共同購買等を通じた間接部門費の見直し等を実施し経営資源の集中を図ることで、公開買付者グループ全体の企業価値向上を実現し得ると考えているとのことです。
  5. Position Statement (S100S6ZU) 2023-11-09
    Original text (Japanese): 公開買付者が当社株式10,330,000株(所有割合：58.50％)を所有する当社の支配株主(親会社)であり
  6. Position Statement (S100S6ZU) 2023-11-09
    Original text (Japanese): 菊川泰宏氏(当社社外取締役)、谷祐輔氏(当社社外取締役)、村田智之氏(当社社外監査役)及び佐藤吉浩氏(当社社外監査役)の４名から構成される特別委員会(以下「本特別委員会」といいます。)を設置し
  7. Position Statement (S100S6ZU) 2023-11-09
    Original text (Japanese): 2023年10月６日に当社に対して本公開買付価格を1,739円
  8. Position Statement (S100S6ZU) 2023-11-09
    Original text (Japanese): その後、公開買付者は2023年10月18日に、本公開買付価格を1,772円
  9. Position Statement (S100S6ZU) 2023-11-09
    Original text (Japanese): その後、公開買付者は2023年10月30日に、本公開買付価格を1,833円
  10. Position Statement (S100S6ZU) 2023-11-09
    Original text (Japanese): その後、公開買付者は2023年11月１日に、本公開買付価格を1,918円
  11. Position Statement (S100S6ZU) 2023-11-09
    Original text (Japanese): その後、公開買付者は2023年11月６日に、本公開買付価格を2,013円
  12. Position Statement (S100S6ZU) 2023-11-09
    Original text (Japanese): 本公開買付価格については2,050円以上で再検討を要請するとともに
  13. Position Statement (S100S6ZU) 2023-11-09
    Original text (Japanese): その後、公開買付者は2023年11月７日に、本公開買付価格を2,020円
  14. Tender Offer Registration Statement (S100S67K) 2023-11-09
    Original text (Japanese): 公開買付者は、本公開買付けにおいて1,441,600株(所有割合：8.16％)(注２)を買付予定数の下限として設定しており
  15. Tender Offer Report (S100SITD) 2023-12-22
    Original text (Japanese): 応募株券等の総数(6,440,016株)
  16. Position Statement (S100S6ZU) 2023-11-09
    Original text (Japanese): 同日までの過去１ヶ月間の終値の単純平均値1,188円に対して70.03％
  17. Position Statement (S100S6ZU) 2023-11-09
    Original text (Japanese): 同日までの過去３ヶ月間の終値の単純平均値1,267円に対して59.43％
  18. Position Statement (S100S6ZU) 2023-11-09
    Original text (Japanese): 同日までの過去６ヶ月間の終値の単純平均値1,331円に対して51.77％
  19. Position Statement (S100S6ZU) 2023-11-09
    Original text (Japanese): 類似上場会社比較法：1,447円～1,711円
  20. Position Statement (S100S6ZU) 2023-11-09
    Original text (Japanese): ＤＣＦ法：1,881円～3,229円
  21. Position Statement (S100S6ZU) 2023-11-09
    Original text (Japanese): 市場株価法：1,188円～1,331円
  22. Position Statement (S100S6ZU) 2023-11-09
    Original text (Japanese): 類似会社比較法 ：1,602円から2,198円
  23. Position Statement (S100S6ZU) 2023-11-09
    Original text (Japanese): ＤＣＦ法 ：1,826円から3,053円
  24. Position Statement (S100S6ZU) 2023-11-09
    Original text (Japanese): 割引率には7.25％から7.75％を採用しており
  25. Position Statement (S100S6ZU) 2023-11-09
    Original text (Japanese): 永久成長率は-0.25％から0.25％
  26. Position Statement (S100S6ZU) 2023-11-09
    Original text (Japanese): 市場株価平均法 ：1,188円から1,331円