TOB WatchJAPAN TOB & MBO DISCLOSURE DATA 日本語

Tender offer · TOB · Closed

FUJI CORPORATION7605

Acquirer: Usami Koyu Co., Ltd. · Sector: Retail Trade · Tender offer filing date: 2025-06-09 · Open on EDINET · Deal data (JSON)

Offer price per share
¥2,830[1]
Premium (prior-day close)
27.9%[2]
2025-06-05
Result
Successful[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.

Special committee
Yamada Consulting Group DCF method Yamada Consulting Group Co., Ltd. · DCF method (Special committee): ¥2,423 〜 ¥3,357 Market price method Yamada Consulting Group Co., Ltd. · Market price method (Special committee): ¥1,975 〜 ¥2,213 Offer ¥2,830 2,0002,5003,000

Deal characteristics

Category
Take-private [4]
Acquirer type
Strategic buyer[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 ¥2,200 to the offer price of ¥2,830: +28.6% (5 distinct proposed prices).

DateProposed byPrice per share
— Target / special committee (request) ¥2,900[7]
2025-05-07 Acquirer ¥2,200[8]
2025-05-16 Acquirer ¥2,330[9]
2025-05-23 Acquirer ¥2,600[10]
2025-06-02 Acquirer ¥2,750[11]
2025-06-05 Acquirer ¥2,830[12]

Offer terms

ItemValueHistory
Offer price per common share ¥2,830 [1] —
Minimum shares 9,075,600 shares [13] —
Shares tendered 16,001,183 shares [14] —
Result Successful [3] —

Premiums (as stated in filings)

BasisAs ofValue
Closing price on the business day before announcement 2025-06-05 27.9%[2]
1-month simple average closing price 2025-06-05 40.2%[15]
3-month simple average closing price 2025-06-05 42.9%[16]
6-month simple average closing price 2025-06-05 43.3%[17]

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
Yamada Consulting Group Co., Ltd. Special committee DCF method Value per share ¥2,423 〜 ¥3,357[18] Discount rate — Perpetual growth rate —
Yamada Consulting Group Co., Ltd. Special committee Market price method (市場株価法) Value per share ¥1,975 〜 ¥2,213[19] Discount rate — Perpetual growth rate —

Timeline (filings)

FilingDateFilerdocID
Tender Offer Registration Statement 2025-06-09 Usami Koyu Co., Ltd. S100VWJ8
Position Statement 2025-06-09 FUJI CORPORATION S100VWKT
Tender Offer Report 2025-07-23 Usami Koyu Co., Ltd. S100WEF9

Sources

  1. Tender Offer Registration Statement (S100VWJ8) 2025-06-09
    Original text (Japanese): 取締役会の決議によって、本公開買付価格を2,830円とすることを決定いたしました。
  2. Position Statement (S100VWKT) 2025-06-09
    Original text (Japanese): 提案実施日である2025年６月５日の東京証券取引所プライム市場における当社株式の終値2,213円に対して27.88％
  3. Tender Offer Report (S100WEF9) 2025-07-23
    Original text (Japanese): 応募株券等の総数(16,001,183株)が買付予定数の下限(9,075,600株)以上となりましたので、公開買付開始公告及び公開買付届出書に記載のとおり、応募株券等の全部の買付け等を行います。
  4. Position Statement (S100VWKT) 2025-06-09
    Original text (Japanese): 当社の株主を公開買付者のみとし、当社を公開買付者の完全子会社とするための一連の手続(以下「本スクイーズアウト手続」といいます。)として行われる株式併合に係る議案
  5. Position Statement (S100VWKT) 2025-06-09
    Original text (Japanese): 親子会社間、持分法適用会社間、いわゆるマネジメント・バイアウト(ＭＢＯ)(注６)案件の合計139件を除いた資本関係のない第三者間の取引で、スクイーズアウト手続としての株式併合議案に係る株主総会を実施した43件においては
  6. Position Statement (S100VWKT) 2025-06-09
    Original text (Japanese): 当社の社外取締役２名及び社外有識者２名の計４名によって構成される特別委員会(以下「本特別委員会」といいます。)
  7. Position Statement (S100VWKT) 2025-06-09
    Original text (Japanese): 公開買付者に対し、本公開買付価格を2,900円、本新株予約権買付価格を本公開買付価格と本新株予約権の行使価格１円の差額である2,899円に、本新株予約権１個当たりの目的株式数を乗じた金額とするよう求める旨の提案を受けたとのことです。
  8. Position Statement (S100VWKT) 2025-06-09
    Original text (Japanese): 2025年５月７日に、本公開買付価格を2,200円
  9. Position Statement (S100VWKT) 2025-06-09
    Original text (Japanese): 2025年５月16日に、本公開買付価格を2,330円
  10. Position Statement (S100VWKT) 2025-06-09
    Original text (Japanese): 2025年５月23日に、本公開買付価格を2,600円
  11. Position Statement (S100VWKT) 2025-06-09
    Original text (Japanese): 2025年６月２日に、本公開買付価格を2,750円
  12. Position Statement (S100VWKT) 2025-06-09
    Original text (Japanese): 2025年６月５日に、本公開買付価格を2,830円
  13. Tender Offer Registration Statement (S100VWJ8) 2025-06-09
    Original text (Japanese): 買付予定数の下限を9,075,600株(所有割合：50.01％)と設定しており
  14. Tender Offer Report (S100WEF9) 2025-07-23
    Original text (Japanese): 応募株券等の総数(16,001,183株)
  15. Position Statement (S100VWKT) 2025-06-09
    Original text (Japanese): 同日までの過去１ヶ月間の終値単純平均値2,018円に対して40.24％
  16. Position Statement (S100VWKT) 2025-06-09
    Original text (Japanese): 過去３ヶ月間の終値単純平均値1,981円に対して42.86％
  17. Position Statement (S100VWKT) 2025-06-09
    Original text (Japanese): 過去６ヶ月間の終値単純平均値1,975円に対して43.29％
  18. Position Statement (S100VWKT) 2025-06-09
    Original text (Japanese): ＤＣＦ法 ：2,423円から3,357円
  19. Position Statement (S100VWKT) 2025-06-09
    Original text (Japanese): 市場株価法：1,975円から2,213円