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Tender offer · TOB · Closed

SOFT99corporation4464

Acquirer: ECM Master Fund SPV 3 · Sector: Chemicals · Tender offer filing date: 2025-09-16 · Open on EDINET · Deal data (JSON)

Offer price per share
¥4,100[1]
Premium (prior-day close)
66.5%[2]
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.

TargetSpecial committee
KPMG FAS DCF method KPMG FAS Co., Ltd. · DCF method (Target): ¥2,893 Plutus Consulting DCF method Plutus Consulting Co., Ltd. · DCF method (Special committee): ¥3,155 Offer ¥4,100 3,0003,2503,5003,7504,000

Deal characteristics

Category
Take-private [4] (not stated in the filing; inferred from the maximum number of shares and the sign of the premium)
Acquirer type
Financial sponsor[5]
Auction (chosen from several bidders)
Not stated
Competing proposal
Yes[6]
Special committee
Not stated
Valuer engaged by the special committee
Not stated
Fairness opinion
Not stated

Offer terms

ItemValueHistory
Offer price per common share ¥4,100 [1] —
Offer period start 2025-09-16 [7] —
Offer period end 2025-11-13 [7] —
Offer period (business days) 40 business days [7] —
Minimum shares 6,163,300 shares [8] —
Shares tendered 6,767,917 shares [9] —
Result Successful [3] —

Premiums (as stated in filings)

BasisAs ofValue
Closing price on the business day before announcement — 66.5%[2]
1-month simple average closing price — 66.3%[10]
3-month simple average closing price — 112.0%[11]
6-month simple average closing price — 129.7%[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
KPMG FAS Co., Ltd. Target DCF method Value per share ¥2,893[13] Discount rate — Perpetual growth rate —
Plutus Consulting Co., Ltd. Special committee DCF method Value per share ¥3,155[14] Discount rate — Perpetual growth rate —

Timeline (filings)

FilingDateFilerdocID
Tender Offer Registration Statement 2025-09-16 ECM Master Fund SPV 3 S100WP08
Position Statement 2025-09-18 SOFT99corporation S100WPSL
Amended Position Statement 2025-09-26 SOFT99corporation S100WRSV
Amended Tender Offer Registration Statement 2025-10-01 ECM Master Fund SPV 3 S100WSNW
Amended Tender Offer Registration Statement 2025-10-29 ECM Master Fund SPV 3 S100WXFF
Tender Offer Report 2025-11-14 ECM Master Fund SPV 3 S100X4HW

Sources

  1. Tender Offer Registration Statement (S100WP08) 2025-09-16
    Original text (Japanese): 対象者普通株式１株につき4,100円という本公開買付価格が妥当であると判断いたしました
  2. Amended Position Statement (S100WRSV) 2025-09-26
    Original text (Japanese): 本公開買付けの公表日の前営業日の東証スタンダード市場における当社株式の終値2,462円に対して66.5％
  3. Tender Offer Report (S100X4HW) 2025-11-14
    Original text (Japanese): 応募株券等の総数( 6,767,917 株)が買付予定数の下限(6,163,300株)以上となりましたので
  4. Position Statement (S100WPSL) 2025-09-18
    Original text (Japanese): 当社としては、本公開買付けが成立した場合には、本スクイーズアウト手続が実施されず、かつ、流通株式比率が東京証券取引所の上場維持基準を満たさない程度まで下落する可能性が否定できないと考えております。
  5. Position Statement (S100WPSL) 2025-09-18
    Original text (Japanese): 名称 ECM マスター ファンド SPV ３
  6. Position Statement (S100WPSL) 2025-09-18
    Original text (Japanese): 現在、当社の普通株式（以下「当社株式」といいます。）に対しては、2025年８月７日より、堯アセットマネジメント株式会社（以下「本ＭＢＯ公開買付者」といいます。）による公開買付け（以下「本ＭＢＯ公開買付け」といいます。）が実施されているところ
  7. Amended Tender Offer Registration Statement (S100WXFF) 2025-10-29
    Original text (Japanese): 買付け等の期間 2025年９月16日(火曜日)から2025年11月13日(木曜日)まで(40営業日)
  8. Tender Offer Registration Statement (S100WP08) 2025-09-16
    Original text (Japanese): 本公開買付けにおいては、買付予定数の下限を6,163,300株(所有割合：28.54％)に設定しており
  9. Tender Offer Report (S100X4HW) 2025-11-14
    Original text (Japanese): 応募株券等の総数( 6,767,917 株)
  10. Amended Position Statement (S100WRSV) 2025-09-26
    Original text (Japanese): 過去１ヶ月間の終値単純平均値2,465円に対して66.3％
  11. Amended Position Statement (S100WRSV) 2025-09-26
    Original text (Japanese): 過去３ヶ月間の終値単純平均値1,934円に対して112.0％
  12. Amended Position Statement (S100WRSV) 2025-09-26
    Original text (Japanese): 過去６ヶ月間の終値単純平均値1,785円に対して129.7％
  13. Tender Offer Registration Statement (S100WP08) 2025-09-16
    Original text (Japanese): 対象者が第三者算定機関として選任した株式会社KPMG FASのDCF法による株式価値算定結果の上限である2,893円
  14. Tender Offer Registration Statement (S100WP08) 2025-09-16
    Original text (Japanese): 対象者特別委員会が第三者算定機関として選任した株式会社プルータス・コンサルティングのDCF法による株式価値算定結果の上限である3,155円