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Tender offer · TOB · Closed

Showcase Inc.3909

Acquirer: AI FUSION CAPITAL GROUP CORP. · Sector: Services · Tender offer filing date: 2024-11-15 · Open on EDINET · Deal data (JSON)

Offer price per share
¥420[1]
Premium (prior-day close)
20.3%[2]
2024-11-13
Result
Closed
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
Tokyo Financial Advisors Comparable companies method Tokyo Financial Advisors Co., Ltd. · Comparable companies method (Acquirer): ¥154 〜 ¥543 DCF method Tokyo Financial Advisors Co., Ltd. · DCF method (Acquirer): ¥357 〜 ¥436 Market price method Tokyo Financial Advisors Co., Ltd. · Market price method (Acquirer): ¥288 〜 ¥349 Plutus Consulting DCF method Plutus Consulting Co., Ltd. · DCF method (Target): ¥389 〜 ¥445 Market price method Plutus Consulting Co., Ltd. · Market price method (Target): ¥288 〜 ¥349 Offer ¥420 200300400500

Deal characteristics

Category
Partial offer (stays listed) [3]
Acquirer type
Strategic buyer[4]
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

The final price is below the first proposal, which suggests other bidders' proposals are mixed in, so no increase is calculated (excluded from statistics).

DateProposed byPrice per share
2024-10-03 Acquirer ¥470[5]
2024-10-31 Acquirer ¥420[6]

Offer terms

ItemValueHistory
Offer price per common share ¥420 [1] —
Minimum shares 2,759,100 shares [7] —
Maximum shares 2,759,100 shares [8] —
Shares tendered 3,563,277 shares [9] —

Premiums (as stated in filings)

BasisAs ofValue
Closing price on the business day before announcement 2024-11-13 20.3%[2]
1-month simple average closing price 2024-11-13 37.3%[10]
3-month simple average closing price 2024-11-13 45.8%[11]
6-month simple average closing price 2024-11-13 44.3%[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
Tokyo Financial Advisors Co., Ltd. Acquirer Comparable companies method Value per share ¥154 〜 ¥543[13] Discount rate — Perpetual growth rate —
Tokyo Financial Advisors Co., Ltd. Acquirer DCF method Value per share ¥357 〜 ¥436[14] Discount rate — Perpetual growth rate —
Tokyo Financial Advisors Co., Ltd. Acquirer Market price method (市場株価法) Value per share ¥288 〜 ¥349[15] Discount rate — Perpetual growth rate —
Plutus Consulting Co., Ltd. Target DCF method Value per share ¥389 〜 ¥445[16] Discount rate — Perpetual growth rate —
Plutus Consulting Co., Ltd. Target Market price method (市場株価法) Value per share ¥288 〜 ¥349[17] Discount rate — Perpetual growth rate —

Timeline (filings)

FilingDateFilerdocID
Tender Offer Registration Statement 2024-11-15 AI FUSION CAPITAL GROUP CORP. S100USP5
Position Statement 2024-11-15 Showcase Inc. S100USRB
Tender Offer Report 2024-12-13 AI FUSION CAPITAL GROUP CORP. S100UY1R

Sources

  1. Tender Offer Registration Statement (S100USP5) 2024-11-15
    Original text (Japanese): 本公開買付価格を１株当たり420円とすることを決議いたしました。
  2. Position Statement (S100USRB) 2024-11-15
    Original text (Japanese): 終値349円に対して20.34％
  3. Position Statement (S100USRB) 2024-11-15
    Original text (Japanese): 本取引は当社株式の上場廃止を企図するものではなく、本公開買付けが成立し、かつ、本第三者割当増資の払込みが完了した場合においても、公開買付者及び当社は引き続き当社株式の上場を維持する方針であることから
  4. Position Statement (S100USRB) 2024-11-15
    Original text (Japanese): 本書提出日現在、公開買付者及びＦＶＣは、当社株式を所有していないとのことです。
  5. Position Statement (S100USRB) 2024-11-15
    Original text (Japanese): 初回提案として、2024年10月３日付けで、(ⅰ)公開買付け及び第三者割当増資の手法により当社株式の過半数を取得すること、及び(ⅱ)本公開買付けにおける当社株式１株当たりの買付等の価格（以下「本公開買付価格」といいます。）及び本第三者割当増資の払込金額は、１株につき470円とすること等を内容とする意向表明書を提出しました。
  6. Position Statement (S100USRB) 2024-11-15
    Original text (Japanese): 公開買付者は当社に対し、2024年10月31日、本公開買付価格及び第三者割当増資の払込金額を１株につき420円とする旨の再提案を提示したとのことです。
  7. Tender Offer Registration Statement (S100USP5) 2024-11-15
    Original text (Japanese): 応募株券等の総数が買付予定数の下限（2,759,100株）に満たない場合は、応募株券等の全部の買付け等を行いません。
  8. Tender Offer Registration Statement (S100USP5) 2024-11-15
    Original text (Japanese): 応募株券等の総数が買付予定数の上限（2,759,100株）を超える場合は、その超える部分の全部又は一部の買付け等を行わないものとし
  9. Tender Offer Report (S100UY1R) 2024-12-13
    Original text (Japanese): 応募株券等」といいます。）の数の合計（3,563,277株）が買付予定数の上限（2,759,100株）を超えました
  10. Position Statement (S100USRB) 2024-11-15
    Original text (Japanese): 同日までの過去１ヶ月間の終値の単純平均値306円に対して37.25％
  11. Position Statement (S100USRB) 2024-11-15
    Original text (Japanese): 同日までの過去３ヶ月間の終値の単純平均値288円に対して45.83％
  12. Position Statement (S100USRB) 2024-11-15
    Original text (Japanese): 同日までの過去６ヶ月間の終値の単純平均値291円に対して44.33％
  13. Position Statement (S100USRB) 2024-11-15
    Original text (Japanese): 類似会社比較法：154円から543円
  14. Position Statement (S100USRB) 2024-11-15
    Original text (Japanese): ＤＣＦ法 ：357円から436円
  15. Position Statement (S100USRB) 2024-11-15
    Original text (Japanese): 市場株価法 ：288円から349円
  16. Position Statement (S100USRB) 2024-11-15
    Original text (Japanese): ＤＣＦ法 ：389円から445円
  17. Position Statement (S100USRB) 2024-11-15
    Original text (Japanese): 市場株価法：288円から349円