Tender offer · TOB · Closed

NTT UD REIT Investment Corporation

Acquirer: Citco Trustees(UT)LIMITED · Sector: — · Tender offer filing date: 2025-01-28 · Open on EDINET · Deal data (JSON)

Offer price per share

¥131,890^[1]

Premium (prior-day close)

10.0%^[2]

2025-01-24

Result

Closed

Valuers

Deal characteristics

Category: Partial offer (stays listed) (not stated in the filing; inferred from the maximum number of shares and the sign of the premium)
Acquirer type: —
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 terms

Item	Value	History
Offer price per common share	¥131,890 ^[1]	—
Offer period start	2025-01-28 ^[3]	—
Offer period end	2025-03-21 ^[4]	2025-03-06^[3] → 2025-03-13^[5] → 2025-03-21^[4]
Offer period (business days)	36 business days ^[4]	26 business days^[3] → 31 business days^[5] → 36 business days^[4]
Minimum shares	115,279 shares ^[6]	—
Maximum shares	189,128 shares ^[7]	—

Premiums (as stated in filings)

Basis	As of	Value
Closing price on the business day before announcement	2025-01-24	10.0%^[2]
1-month simple average closing price	2025-01-24	10.8%^[8]
3-month simple average closing price	2025-01-24	15.4%^[9]
6-month simple average closing price	2025-01-24	15.2%^[10]

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

Valuations

No verified valuations yet.

Revisions and inconsistencies

Revised：tob_terms:period_end S100V9ZA: 2025-03-06 → S100VCYL: 2025-03-13
Revised：tob_terms:period_end S100VCYL: 2025-03-13 → S100VEB6: 2025-03-21
Revised：tob_terms:period_business_days S100V9ZA: 26.0 → S100VCYL: 31.0
Revised：tob_terms:period_business_days S100VCYL: 31.0 → S100VEB6: 36.0

Timeline (filings)

Filing	Date	Filer	docID
Tender Offer Registration Statement	2025-01-28	Citco Trustees(UT)LIMITED	`S100V55A`
Amended Tender Offer Registration Statement	2025-01-31	Citco Trustees(UT)LIMITED	`S100V61K`
Position Statement	2025-02-10	NTT UD REIT Investment Corporation	`S100V7RP`
Response to Questions	2025-02-13	Citco Trustees(UT)LIMITED	`S100V8FG`
Amended Position Statement	2025-02-18	NTT UD REIT Investment Corporation	`S100V9O6`
Amended Tender Offer Registration Statement	2025-02-19	Citco Trustees(UT)LIMITED	`S100V9ZA`
Amended Tender Offer Registration Statement	2025-03-06	Citco Trustees(UT)LIMITED	`S100VCYL`
Amended Tender Offer Registration Statement	2025-03-13	Citco Trustees(UT)LIMITED	`S100VEB6`
Tender Offer Report	2025-03-24	Citco Trustees(UT)LIMITED	`S100VG1Z`

Sources

Tender Offer Registration Statement (S100V55A) 2025-01-28
Original text (Japanese): 上記の検討結果を踏まえ、3Dらは、本公開買付価格を対象者投資口１口当たり131,890円と決定いたしました。
Tender Offer Registration Statement (S100V55A) 2025-01-28
Original text (Japanese): 本公開買付価格(131,890円)は、本公開買付けの公表日の前営業日である2025年１月24日の終値119,900円に対して10.00％
Amended Tender Offer Registration Statement (S100V9ZA) 2025-02-19
Original text (Japanese): 買付け等の期間 2025年１月28日(火曜日)から2025年３月６日(木曜日)まで(26営業日)
Amended Tender Offer Registration Statement (S100VEB6) 2025-03-13
Original text (Japanese): 買付け等の期間 2025年１月28日(火曜日)から2025年３月21日(金曜日)まで(36営業日)
Amended Tender Offer Registration Statement (S100VCYL) 2025-03-06
Original text (Japanese): 買付け等の期間 2025年１月28日(火曜日)から2025年３月13日(木曜日)まで(31営業日)
Tender Offer Registration Statement (S100V55A) 2025-01-28
Original text (Japanese): 3Dらが本書提出日現在において保有する投資口(32,420口)を控除した115,279口(所有割合7.80％)に設定しております。
Tender Offer Registration Statement (S100V55A) 2025-01-28
Original text (Japanese): 3Dらが本書提出日現在において保有する投資口(32,420口)を控除した189,128口(所有割合12.80％)に設定しております。
Tender Offer Registration Statement (S100V55A) 2025-01-28
Original text (Japanese): 同日までの過去１か月間(2024年12月25日から2025年１月24日まで)の終値の単純平均値119,044円に対して10.79％
Tender Offer Registration Statement (S100V55A) 2025-01-28
Original text (Japanese): 同過去３か月間(2024年10月25日から2025年１月24日まで)の終値の単純平均値114,312円に対して15.38％
Tender Offer Registration Statement (S100V55A) 2025-01-28
Original text (Japanese): 同過去６か月間(2024年７月25日から2025年１月24日まで)の終値の単純平均値114,500円に対して15.19％