Statistics
Distributions of the values stated in filings for the deals covered. Only verified values are used. As of: 2026-09-28
Deals
465
41.8%
Premium distribution (take-privates)
Premium over the closing price on the business day before announcement (as stated). Deals per 10% band. Partial offers that keep the listing and discount TOBs have a different purpose, so they are excluded here and shown separately in the table below.
TOB (n=279)MBO (n=99)
Show as table
Premiums by deal category
Deals are split into take-privates (delisting planned), partial offers (stake acquired while the listing is kept) and discount TOBs (offer price deliberately set below market to buy from a specific shareholder). The category follows the target's position statement; where it is not stated, it is inferred from the maximum number of shares and the sign of the premium. Premium studies usually cover take-privates only. Deal characteristics (category, acquirer type, negotiation history, etc.) have been extracted for 465 of 465 deals.
| Category | Deals | Median premium | Interquartile range |
|---|---|---|---|
| Take-private | 383 | 40.0% | 23.3%〜54.4% |
| Partial offer (stays listed) | 57 | 20.0% | 7.4%〜28.9% |
| Discount TOB | 25 | -15.0% | -41.4%〜-7.5% |
Premiums by acquirer type (take-privates)
Bars show the interquartile range (25th–75th percentile); dots show the median. Groups with fewer than 5 deals are not plotted.
Negotiation: price increase from the first proposal (take-privates)
Increase from the acquirer's first proposed price, as described in the position statement's background section, to the final offer price.
Of 362 deals whose filings state the proposed prices, the price was raised from the first proposal in 328; the median increase was 13.8%.
Increase by acquirer type
Increase with and without an auction
Number of distinct proposed prices (1 = first proposal unchanged)
Show as table
| Target | First proposal | Increase | Proposed prices | Category |
|---|---|---|---|---|
| MANDOM CORPORATION | ¥1,600 | +94.1% | 8 | Management (MBO) |
| PACIFIC INDUSTRIAL CO.,LTD. | ¥1,600 | +89.8% | 5 | Management (MBO) |
| YACHIYO INDUSTRY CO., LTD. | ¥828 | +67.9% | 5 | Parent / existing major shareholder |
| SHIBAURA ELECTRONICS CO.,LTD. | ¥4,300 | +65.8% | 6 | Strategic buyer |
| SHIBAURA ELECTRONICS CO.,LTD. | ¥4,300 | +65.8% | 5 | Strategic buyer |
| L Management Co., Ltd. | ¥5,500 | +62.1% | 5 | Financial sponsor |
| Kakaku.com,Inc. | ¥2,300 | +60.0% | 7 | Financial sponsor |
| TOA OIL COMPANY,LIMITED | ¥2,050 | +53.7% | 7 | Parent / existing major shareholder |
| JAPAN FOODS CO.,LTD. | ¥1,610 | +52.1% | 4 | Financial sponsor |
| TOIN CORPORATION | ¥800 | +48.4% | 6 | Financial sponsor |
| Yamadai Corporation | ¥406 | +48.0% | 3 | Strategic buyer |
| ITEC CORPORATION | ¥1,840 | +46.7% | 6 | Management (MBO) |
| MUTOH HOLDINGS CO., LTD. | ¥5,268 | +44.8% | 4 | Strategic buyer |
| CHITAKOGYO CO.,LTD. | ¥1,400 | +43.6% | 5 | Parent / existing major shareholder |
| Shiai Medical Co., Ltd. | ¥1,050 | +42.9% | 4 | Parent / existing major shareholder |
| Jmty, Inc. | ¥1,000 | +42.0% | 5 | Strategic buyer |
| TOYOTA INDUSTRIES CORPORATION | ¥14,646 | +40.7% | 9 | Parent / existing major shareholder |
| TOYO KNIFE CO., LTD. | ¥1,628 | +38.5% | 3 | Parent / existing major shareholder |
| Integrated Design & Engineering Holdings Co.,Ltd. | ¥4,700 | +38.3% | 6 | Strategic buyer |
| FUJI SOFT INCORPORATED | ¥6,400 | +37.5% | 4 | Financial sponsor |
| Oricon Inc. | ¥1,000 | +37.0% | 6 | Management (MBO) |
| eSOL Co., Ltd. | ¥600 | +36.7% | 6 | Management (MBO) |
| Sasakura Co., Ltd. | ¥3,000 | +36.7% | 3 | Management (MBO) |
| SEKONIC CORPORATION | ¥2,490 | +36.6% | 4 | Parent / existing major shareholder |
| Uzabase, Inc. | ¥1,100 | +36.4% | 5 | Financial sponsor |
| THE KANAGAWA BANK, LTD. | ¥1,502 | +35.8% | 3 | Strategic buyer |
| ART VIVANT CO.,LTD. | ¥1,400 | +35.7% | 6 | Management (MBO) |
| RAKSUL INC. | ¥1,400 | +35.7% | 7 | Management (MBO) |
| HONDA TSUSHIN KOGYO CO.,LTD. | ¥520 | +35.6% | 6 | Strategic buyer |
| ITOCHU-SHOKUHIN Co., Ltd. | ¥9,611 | +35.3% | 10 | Parent / existing major shareholder |
| PARIS MIKI HOLDINGS Inc. | ¥431 | +34.8% | 5 | Management (MBO) |
| WealthNavi Inc. | ¥1,450 | +34.5% | 5 | Parent / existing major shareholder |
| Riken Corundum Company Limited | ¥3,800 | +34.2% | 5 | Parent / existing major shareholder |
| Glosel Co., Ltd. | ¥560 | +33.9% | 7 | Strategic buyer |
| KAWAMOTO CORPORATION | ¥900 | +33.3% | 6 | Parent / existing major shareholder |
| VISIONARYHOLDINGS CO. , LTD. | ¥150 | +33.3% | 5 | Financial sponsor |
| KYOEI SANGYO CO.,LTD. | ¥2,980 | +32.6% | 6 | Strategic buyer |
| INFORICH Inc. | ¥3,500 | +30.3% | 6 | Management (MBO) |
| SNTCORPORATION | ¥310 | +30.0% | 6 | Financial sponsor |
| PiPEDO HD, Inc. | ¥2,156 | +29.9% | 5 | Management (MBO) |
| PiPEDO HD, Inc. | ¥2,156 | +29.9% | 5 | Management (MBO) |
| Meitetsu Transportation Co.,Ltd. | ¥2,700 | +29.6% | 4 | Parent / existing major shareholder |
| EcoNaviSta, Inc. | ¥1,700 | +28.8% | 5 | Strategic buyer |
| FUJI CORPORATION | ¥2,200 | +28.6% | 5 | Strategic buyer |
| OutlookConsulting Co., Ltd. | ¥1,400 | +28.6% | 5 | Parent / existing major shareholder |
| All Ads, Inc. | ¥700 | +28.6% | 4 | Financial sponsor |
| Full Speed Inc. | ¥430 | +28.1% | 5 | Parent / existing major shareholder |
| LAC Co.,Ltd. | ¥910 | +27.5% | 6 | Parent / existing major shareholder |
| WOOD FRIENDS CO.,Ltd. | ¥1,350 | +27.4% | 4 | Strategic buyer |
| Aoki Super Co., LTD. | ¥3,000 | +26.7% | 5 | Management (MBO) |
| MARUWN CORPORATION | ¥750 | +26.5% | 5 | Strategic buyer |
| SANKO SANGYO CO.,LTD. | ¥575 | +26.3% | 7 | Management (MBO) |
| Satudora Holdings Co., Ltd. | ¥1,000 | +26.0% | 8 | Management (MBO) |
| CRE, Inc. | ¥1,350 | +25.9% | 7 | Management (MBO) |
| Future Corporation | ¥1,950 | +25.7% | 6 | Management (MBO) |
| super value co., ltd. | ¥633 | +25.6% | 5 | Parent / existing major shareholder |
| nms Holdings Corporation | ¥430 | +25.6% | 8 | Parent / existing major shareholder |
| Payroll Inc. | ¥1,100 | +25.5% | 3 | Management (MBO) |
| LEOPALACE21CORPORATION | ¥800 | +25.0% | 4 | Strategic buyer |
| Rezil Inc. | ¥2,200 | +25.0% | 4 | Financial sponsor |
| The Furukawa Battery Co.,Ltd. | ¥1,120 | +25.0% | 4 | Parent / existing major shareholder |
| TAC CO.,LTD. | ¥280 | +25.0% | 5 | Management (MBO) |
| Sumitomo Mitsui Construction Co.,Ltd. | ¥480 | +25.0% | 6 | Strategic buyer |
| NTT DATA GROUP CORPORATION | ¥3,200 | +25.0% | 5 | Parent / existing major shareholder |
| SBI FinTech Solutions Co., Ltd. | ¥4,000 | +25.0% | 5 | Parent / existing major shareholder |
| JAPAN PUBLICATIONS TRADING CO., LTD. | ¥3,200 | +25.0% | 6 | Parent / existing major shareholder |
| Sunwood Corporation | ¥1,000 | +25.0% | 3 | Parent / existing major shareholder |
| Daiwa Heavy Industry Co.,Ltd. | ¥1,300 | +24.6% | 5 | Management (MBO) |
| CANON ELECTRONICS INC. | ¥2,930 | +24.6% | 6 | Parent / existing major shareholder |
| SPACE VALUE HOLDINGS CO., LTD. | ¥925 | +24.3% | 3 | Financial sponsor |
| Isolite Insulating Products Co., Ltd. | ¥970 | +23.7% | 4 | Parent / existing major shareholder |
| C.I. TAKIRON Corporation | ¥705 | +23.4% | 8 | Parent / existing major shareholder |
| Ascentech K.K. | ¥1,365 | +23.1% | 6 | Strategic buyer |
| SUNAUTAS CO.,LTD. | ¥680 | +22.8% | 6 | Management (MBO) |
| JPMC Co., Ltd. | ¥1,850 | +22.7% | 5 | Financial sponsor |
| DAIKEN CORPORATION | ¥2,450 | +22.5% | 6 | Parent / existing major shareholder |
| DNA Chip Reserch Inc. | ¥900 | +22.2% | 5 | Parent / existing major shareholder |
| Helios Techno Holding Co.,Ltd. | ¥675 | +22.2% | 3 | Strategic buyer |
| Alleanza Holdings Co., Ltd. | ¥1,200 | +22.1% | 7 | Strategic buyer |
| CASSINA IXC. Ltd. | ¥1,000 | +22.0% | 7 | Parent / existing major shareholder |
| GIGAPRIZE CO.,LTD. | ¥2,050 | +22.0% | 5 | Parent / existing major shareholder |
| Mitsubishi Shokuhin Co., Ltd. | ¥5,200 | +21.9% | 12 | Unknown |
| SUNDAY CO.,LTD. | ¥1,050 | +21.9% | 5 | Parent / existing major shareholder |
| SOFT99corporation | ¥2,200 | +21.8% | 5 | Management (MBO) |
| FANCL CORPORATION | ¥2,300 | +21.7% | 5 | Strategic buyer |
| AT-Group Co., Ltd. | ¥2,300 | +21.7% | 6 | Management (MBO) |
| S LINE GROUP CO.,LTD. | ¥1,200 | +21.7% | 5 | Management (MBO) |
| Sumitomo Precision Products Co., Ltd. | ¥3,000 | +21.7% | 4 | Parent / existing major shareholder |
| SHL-JAPAN Ltd. | ¥2,918 | +21.7% | 9 | Financial sponsor |
| CareNet,Inc. | ¥930 | +21.5% | 4 | Financial sponsor |
| Ishii Iron Works Co.,Ltd. | ¥6,908 | +21.1% | 6 | Management (MBO) |
| TAKARA BIO INC. | ¥950 | +21.1% | 5 | Parent / existing major shareholder |
| YUTAKA GIKEN CO.,LTD. | ¥2,500 | +21.0% | 6 | Strategic buyer |
| DESCENTE,LTD. | ¥3,600 | +20.8% | 8 | Parent / existing major shareholder |
| Toho Metal Co., Ltd. | ¥1,570 | +20.1% | 5 | Parent / existing major shareholder |
| KROSAKI HARIMA CORPORATION | ¥3,500 | +20.0% | 4 | Parent / existing major shareholder |
| Fuji Oil Company, Ltd. | ¥400 | +20.0% | 5 | Parent / existing major shareholder |
| PLENUS Co.,Ltd. | ¥2,200 | +20.0% | 5 | Management (MBO) |
| Contec Co., Ltd. | ¥2,250 | +20.0% | 6 | Parent / existing major shareholder |
| Nissei Co., Ltd. | ¥1,250 | +20.0% | 5 | Parent / existing major shareholder |
| Lawson,Inc. | ¥8,650 | +19.8% | 8 | Parent / existing major shareholder |
| Lightworks Co., Ltd. | ¥1,821 | +19.7% | 4 | Management (MBO) |
| Wavelock Holdings Co., Ltd. | ¥770 | +19.6% | 5 | Financial sponsor |
| NISSIN SHOJI CO., LTD. | ¥1,850 | +19.5% | 6 | Management (MBO) |
| ART VIVANT CO.,LTD. | ¥1,400 | +19.3% | 5 | Management (MBO) |
| MACROMILL, INC. | ¥1,070 | +19.2% | 5 | Financial sponsor |
| NISSIN ASSET MANAGEMENT CORPORATION | ¥6,800 | +19.1% | 6 | Management (MBO) |
| Snow Peak, Inc. | ¥1,050 | +19.1% | 6 | Management (MBO) |
| Edge Technology Co., Ltd. | ¥707 | +19.0% | 2 | Strategic buyer |
| AGRO-KANESHO CO.,LTD. | ¥1,600 | +18.8% | 4 | Strategic buyer |
| eBOOK Initiative Japan Co., Ltd. | ¥4,000 | +18.8% | 3 | Strategic buyer |
| METALART CORPORATION | ¥6,500 | +18.7% | 4 | Financial sponsor |
| OHIZUMI MFG.CO.,LTD. | ¥1,096 | +18.6% | 3 | Parent / existing major shareholder |
| NAKAYO, INC. | ¥2,150 | +18.6% | 4 | Strategic buyer |
| Metaps Inc. | ¥750 | +18.5% | 5 | Management (MBO) |
| The Global Ltd. | ¥1,080 | +18.5% | 4 | Strategic buyer |
| SANYU CONSTRUCTION CO.,LTD. | ¥1,350 | +18.5% | 6 | Management (MBO) |
| Keiyo Co.,Ltd | ¥1,100 | +18.2% | 4 | Parent / existing major shareholder |
| I-O DATA DEVICE, INC. | ¥1,100 | +18.2% | 5 | Management (MBO) |
| SAWAFUJI ELECTRIC CO.,LTD. | ¥1,103 | +18.1% | 5 | Financial sponsor |
| PACIFIC SYSTEMS CORPORATION | ¥5,800 | +18.1% | 5 | Parent / existing major shareholder |
| Arte Salon Holdings, Inc. | ¥580 | +18.1% | 5 | Management (MBO) |
| YASUHARA CHEMICAL CO.,LTD. | ¥1,170 | +18.0% | 6 | Management (MBO) |
| SUGITA ACE CO.,LTD | ¥1,450 | +17.9% | 6 | Management (MBO) |
| Rock Paint Co., Ltd. | ¥1,200 | +17.9% | 5 | Management (MBO) |
| DIGITAL HEARTS HOLDINGS Co., Ltd. | ¥900 | +17.8% | 5 | Management (MBO) |
| SUMITOMO DENSETSU CO.,LTD. | ¥8,287 | +17.8% | 5 | Strategic buyer |
| PALTAC CORPORATION | ¥5,650 | +17.7% | 11 | Parent / existing major shareholder |
| Japan Best Rescue System Co.,Ltd. | ¥850 | +17.7% | 5 | Management (MBO) |
| Daiseki Eco. Solution Co.,Ltd. | ¥1,575 | +17.5% | 5 | Parent / existing major shareholder |
| AEON DELIGHT CO., LTD. | ¥4,600 | +17.4% | 6 | Parent / existing major shareholder |
| Cybercom Co., Ltd. | ¥1,627 | +17.1% | 5 | Parent / existing major shareholder |
| SOSHIN ELECTRIC CO., LTD. | ¥410 | +17.1% | 4 | Strategic buyer |
| Sanyo Special Steel Co.,Ltd. | ¥2,350 | +17.0% | 3 | Parent / existing major shareholder |
| Sakai Shoji Co., Ltd. | ¥4,020 | +16.9% | 6 | Parent / existing major shareholder |
| SEED CO.,LTD. | ¥680 | +16.9% | 6 | Strategic buyer |
| Toyo Sugar Refining Co., Ltd. | ¥1,780 | +16.9% | 5 | Strategic buyer |
| Matsuya R&D Co.,Ltd | ¥950 | +16.8% | 5 | Strategic buyer |
| CARTA HOLDINGS, INC. | ¥1,800 | +16.7% | 5 | Strategic buyer |
| I'rom Group Co.,Ltd. | ¥2,400 | +16.7% | 3 | Management (MBO) |
| TAISHO PHARMACEUTICAL HOLDINGS CO., LTD. | ¥7,400 | +16.5% | 6 | Management (MBO) |
| baudroie,inc. | ¥2,550 | +16.5% | 5 | Management (MBO) |
| WACUL.INC | ¥431 | +16.5% | 4 | Strategic buyer |
| IJTT Co.,Ltd. | ¥730 | +16.4% | 6 | Financial sponsor |
| STAR MICRONICS CO.,LTD. | ¥1,900 | +16.3% | 6 | Parent / existing major shareholder |
| Yasue Komuten Co., Ltd. | ¥1,850 | +16.2% | 4 | Strategic buyer |
| SAMTY HOLDINGS Co., Ltd. | ¥2,840 | +16.2% | 6 | Financial sponsor |
| HOHSUI CORPORATION | ¥1,050 | +16.2% | 3 | Parent / existing major shareholder |
| ALPS LOGISTICS CO.,LTD. | ¥4,970 | +16.2% | 2 | Financial sponsor |
| VINX Corporation | ¥1,739 | +16.2% | 6 | Parent / existing major shareholder |
| Nichijyu Service Co., Ltd. | ¥1,960 | +15.8% | 6 | Management (MBO) |
| NIHON CHOUZAI CO.,LTD. | ¥3,393 | +15.7% | 2 | Financial sponsor |
| TOKYO RAKUTENCHI CO.,LTD. | ¥5,806 | +15.7% | 6 | Parent / existing major shareholder |
| TOKATSU HOLDINGS CO.,LTD. | ¥700 | +15.7% | 6 | Strategic buyer |
| UUUM co.,ltd | ¥460 | +15.7% | 5 | Parent / existing major shareholder |
| TENMA CORPORATION | ¥3,100 | +15.5% | 7 | Management (MBO) |
| Ina Research Inc. | ¥780 | +15.4% | 4 | Strategic buyer |
| Meldia DC Co., Ltd. | ¥950 | +15.3% | 5 | Strategic buyer |
| Br.Holdings Corporation | ¥460 | +15.2% | 5 | Strategic buyer |
| Sankei Real Estate Inc. | ¥108,500 | +15.2% | 5 | Financial sponsor |
| HISAMITSU PHARMACEUTICAL CO.,INC. | ¥5,280 | +15.2% | 6 | Management (MBO) |
| PRESSANCE CORPORATION | ¥2,075 | +15.2% | 8 | Parent / existing major shareholder |
| YAIZU SUISANKAGAKU INDUSTRY CO.,LTD. | ¥1,250 | +15.0% | 2 | Strategic buyer |
| IWASAKI ELECTRIC CO., LTD. | ¥3,884 | +14.8% | 3 | Management (MBO) |
| NAGATANIEN HOLDINGS CO.,LTD. | ¥2,700 | +14.8% | 4 | Management (MBO) |
| SYSTEM INFORMATION CO.,LTD | ¥810 | +14.8% | 5 | Management (MBO) |
| KANEMATSU ELECTRONICS LTD. | ¥5,400 | +14.8% | 5 | Parent / existing major shareholder |
| TOPPAN Edge Inc. | ¥1,350 | +14.8% | 3 | Parent / existing major shareholder |
| UCHIDA ESCO Co.,Ltd. | ¥3,600 | +14.7% | 4 | Parent / existing major shareholder |
| TATSUTA ELECTRIC WIRE AND CABLE CO.,LTD | ¥680 | +14.7% | 4 | Parent / existing major shareholder |
| Katakura Industries Co.,Ltd. | ¥1,875 | +14.7% | 4 | Management (MBO) |
| Welbe, Inc. | ¥950 | +14.6% | 5 | Management (MBO) |
| Tonami Holdings Co.,Ltd. | ¥8,900 | +14.6% | 5 | Management (MBO) |
| KIZUNA HOLDINGS Corp. | ¥1,850 | +14.6% | 7 | Strategic buyer |
| Silver Egg Technology CO.,Ltd. | ¥672 | +14.6% | 2 | Strategic buyer |
| THE NIPPON ROAD CO.,LTD. | ¥2,200 | +14.6% | 5 | Parent / existing major shareholder |
| Shidax Corporation | ¥699 | +14.5% | 5 | Management (MBO) |
| TRANCOM CO., LTD. | ¥9,000 | +14.4% | 7 | Management (MBO) |
| Elematec Corporation | ¥2,100 | +14.3% | 4 | Parent / existing major shareholder |
| Japan Asset Marketing Co.,Ltd. | ¥144 | +13.9% | 3 | Parent / existing major shareholder |
| ITOCHU Techno-Solutions Corporation | ¥3,800 | +13.8% | 6 | Parent / existing major shareholder |
| ONTSU Co.,Ltd. | ¥29 | +13.8% | 5 | Strategic buyer |
| SACOS CORPORATION | ¥380 | +13.7% | 6 | Parent / existing major shareholder |
| KITO CORPORATION | ¥2,400 | +13.5% | 4 | Strategic buyer |
| ALBIS Co.,Ltd. | ¥3,330 | +13.5% | 5 | Strategic buyer |
| Cybernet Systems Co.,Ltd. | ¥965 | +13.5% | 6 | Parent / existing major shareholder |
| DD GROUP Co.,Ltd. | ¥1,500 | +13.3% | 5 | Management (MBO) |
| ASO FOAM CRETE Co.,Ltd. | ¥600 | +13.3% | 6 | Parent / existing major shareholder |
| FUJI GLASS CO.,LTD. | ¥1,500 | +13.3% | 3 | Management (MBO) |
| Forum Engineering Inc. | ¥1,510 | +13.3% | 6 | Financial sponsor |
| Golf Digest Online Inc. | ¥380 | +13.2% | 6 | Management (MBO) |
| Sumitomo Riko Company Limited | ¥2,300 | +13.0% | 6 | Parent / existing major shareholder |
| Benesse Holdings, Inc | ¥2,300 | +13.0% | 5 | Management (MBO) |
| Tri-Stage Inc. | ¥500 | +13.0% | 3 | Management (MBO) |
| KATSURAGAWA ELECTRIC CO.,LTD. | ¥850 | +12.9% | 6 | Management (MBO) |
| MedPeer, Inc. | ¥620 | +12.9% | 5 | Management (MBO) |
| Medical Data Vision Co., Ltd. | ¥1,500 | +12.9% | 3 | Strategic buyer |
| MCJ Co., Ltd. | ¥1,950 | +12.8% | 3 | Management (MBO) |
| Nousouken Corporation | ¥680 | +12.8% | 5 | Strategic buyer |
| Relia,Inc. | ¥1,300 | +12.7% | 5 | Parent / existing major shareholder |
| CHIC Holdings INC. | ¥648 | +12.7% | 3 | Parent / existing major shareholder |
| PASCO CORPORATION | ¥1,900 | +12.6% | 5 | Strategic buyer |
| SUIDO KIKO KAISHA,LTD | ¥3,600 | +12.5% | 9 | Strategic buyer |
| HIBIYA COMPUTER SYSTEM CO.,LTD. | ¥1,600 | +12.5% | 4 | Unknown |
| IHARA SCIENCE CORPORATION | ¥2,650 | +12.5% | 5 | Management (MBO) |
| shinoken group co.,ltd. | ¥1,425 | +12.3% | 4 | Management (MBO) |
| Tohoku Steel Co.,Ltd. | ¥4,000 | +12.3% | 3 | Parent / existing major shareholder |
| WOW WORLD GROUP Inc. | ¥1,338 | +12.3% | 4 | Financial sponsor |
| El Camino Real Co.,Ltd. | ¥650 | +12.2% | 4 | Management (MBO) |
| DAIOHSCORPORATION | ¥1,338 | +12.1% | 5 | Management (MBO) |
| CHIYODA UTE CO.,LTD. | ¥540 | +12.0% | 4 | Parent / existing major shareholder |
| CDG Co.,Ltd. | ¥1,500 | +12.0% | 4 | Parent / existing major shareholder |
| Ashimori Industry Co.,Ltd | ¥3,700 | +11.9% | 5 | Parent / existing major shareholder |
| SCSK Corporation | ¥5,100 | +11.8% | 7 | Parent / existing major shareholder |
| Anshin Guarantor Service Co.,Ltd. | ¥230 | +11.7% | 5 | Parent / existing major shareholder |
| GLOBAL FOOD CREATORS CO.,LTD. | ¥1,810 | +11.6% | 6 | Management (MBO) |
| Aidemy Inc. | ¥1,300 | +11.5% | 2 | Strategic buyer |
| Takara Leben Infrastructure Fund, Inc. | ¥114,000 | +11.4% | 4 | Parent / existing major shareholder |
| JALUX Inc. | ¥2,300 | +11.3% | 6 | Parent / existing major shareholder |
| Shinko Shoji Co.,Ltd. | ¥1,420 | +11.3% | 6 | Strategic buyer |
| AGIS Co., Ltd. | ¥4,000 | +11.3% | 6 | Management (MBO) |
| Techno Associe Co., Ltd. | ¥1,525 | +11.2% | 5 | Parent / existing major shareholder |
| OS Co., Ltd. | ¥4,500 | +11.1% | 7 | Parent / existing major shareholder |
| BROCCOLI Co., Ltd. | ¥1,350 | +11.1% | 4 | Parent / existing major shareholder |
| COMANY INC. | ¥1,890 | +11.1% | 4 | Management (MBO) |
| NIPPO CORPORATION | ¥3,600 | +11.1% | 5 | Financial sponsor |
| Faith,Inc. | ¥1,100 | +10.9% | 6 | Management (MBO) |
| UNIDEN HOLDINGS CORPORATION | ¥3,700 | +10.8% | 4 | Financial sponsor |
| MONEY PARTNERS GROUP CO,.LTD. | ¥429 | +10.7% | 2 | Strategic buyer |
| PROTO CORPORATION | ¥1,900 | +10.5% | 6 | Management (MBO) |
| SUMIKEN MITSUI ROAD CO.,LTD. | ¥1,810 | +10.5% | 5 | Parent / existing major shareholder |
| PARAMOUNT BED HOLDINGS CO.,LTD. | ¥3,200 | +10.3% | 6 | Management (MBO) |
| Nishimoto Wismettac Holdings Co., Ltd. | ¥1,750 | +10.3% | 4 | Management (MBO) |
| TAIYO KOKI CO.,LTD. | ¥1,700 | +10.3% | 4 | Parent / existing major shareholder |
| SOKO SEIREN CO.,LTD. | ¥390 | +10.3% | 5 | Parent / existing major shareholder |
| Fast Fitness Japan Incorporated | ¥2,100 | +10.2% | 7 | Management (MBO) |
| SUNNY SIDE UP GROUP Inc. | ¥1,200 | +10.0% | 5 | Strategic buyer |
| TOPCON CORPORATION | ¥3,000 | +10.0% | 4 | Management (MBO) |
| HAMAI CO.,LTD | ¥1,200 | +10.0% | 4 | Management (MBO) |
| TECNOS JAPAN INCORPORATED | ¥1,050 | +10.0% | 6 | Financial sponsor |
| NEC Networks & System Integration Corporation | ¥3,000 | +10.0% | 6 | Parent / existing major shareholder |
| DAIBIRU CORPORATION | ¥2,000 | +10.0% | 3 | Parent / existing major shareholder |
| Nissin Electric Co., Ltd. | ¥1,550 | +9.7% | 5 | Strategic buyer |
| Tokyo Kiho Co., Ltd. | ¥2,350 | +9.6% | 5 | Management (MBO) |
| JAMCO CORPORATION | ¥1,643 | +9.6% | 4 | Financial sponsor |
| Japan Renewable Energy Infrastructure Investment Corporation | ¥105,000 | +9.5% | 3 | Other |
| GANTAN BEAUTY INDUSTRY CO.,LTD. | ¥1,900 | +9.5% | 6 | Management (MBO) |
| JAPAN RESISTOR MFG.CO.,LTD. | ¥1,740 | +9.3% | 4 | Strategic buyer |
| SHINPO CO.,LTD. | ¥1,560 | +9.0% | 7 | Management (MBO) |
| Japan Infrastructure Fund Investment Corporation | ¥61,500 | +8.9% | 5 | Strategic buyer |
| INFOCOM CORPORATION | ¥5,570 | +8.8% | 2 | Financial sponsor |
| Ascot Corp. | ¥239 | +8.8% | 4 | Strategic buyer |
| Draft Inc. | ¥690 | +8.7% | 7 | Management (MBO) |
| CB GROUP MANAGEMENT Co., Ltd | ¥7,417 | +8.6% | 3 | Financial sponsor |
| I-NET CORP. | ¥2,330 | +8.6% | 6 | Strategic buyer |
| Freund Corporation | ¥1,000 | +8.5% | 4 | Management (MBO) |
| MIKUNI SHOJI CO.,LTD. | ¥558 | +8.4% | 4 | Financial sponsor |
| TORII PHARMACEUTICAL CO., LTD. | ¥5,878 | +8.0% | 6 | Strategic buyer |
| WATT MANN CO., LTD. | ¥900 | +8.0% | 8 | Management (MBO) |
| JASTEC Co.,Ltd. | ¥1,800 | +7.8% | 4 | Strategic buyer |
| MELDIA CO.,LTD. | ¥1,880 | +7.7% | 3 | Strategic buyer |
| Zuken Elmic Co., Ltd. | ¥400 | +7.5% | 6 | Parent / existing major shareholder |
| TRUST CO., LTD. | ¥382 | +7.3% | 5 | Parent / existing major shareholder |
| I-PEX Inc. | ¥2,750 | +7.3% | 4 | Management (MBO) |
| Totosuisan Co., Ltd. | ¥7,000 | +7.1% | 4 | Parent / existing major shareholder |
| Impact Field Inc. | ¥4,200 | +7.1% | 4 | Management (MBO) |
| CRIE ANABUKI INC. | ¥850 | +7.1% | 4 | Parent / existing major shareholder |
| ARTERIA Networks Corporation | ¥1,850 | +7.0% | 4 | Parent / existing major shareholder |
| TOYO CONSTRUCTION CO.,LTD. | ¥720 | +6.9% | 4 | Strategic buyer |
| STORAGE-OH Co.,Ltd. | ¥1,255 | +6.8% | 7 | Strategic buyer |
| SB Technology Corp. | ¥2,764 | +6.7% | 5 | Parent / existing major shareholder |
| Osaka Yuka Industry Co., Ltd. | ¥3,000 | +6.7% | 2 | Strategic buyer |
| Roland DG Corporation | ¥5,035 | +6.7% | 1 | Management (MBO) |
| Utoc Corporation | ¥680 | +6.6% | 5 | Parent / existing major shareholder |
| TSUKUI STAFF CORPORATION | ¥1,600 | +6.6% | 4 | Parent / existing major shareholder |
| Global Information, Inc. | ¥1,580 | +6.3% | 4 | Strategic buyer |
| nakano refrigerators co.,ltd. | ¥7,450 | +6.0% | 3 | Financial sponsor |
| CIRCULATION Co.,Ltd. | ¥850 | +6.0% | 2 | Strategic buyer |
| FC Holdings Co., Ltd. | ¥1,340 | +6.0% | 5 | Financial sponsor |
| NIPPON STEEL TRADING CORPORATION | ¥8,800 | +5.7% | 3 | Parent / existing major shareholder |
| Japan Media Systems Corporation | ¥172,220 | +5.7% | 4 | Financial sponsor |
| SBI Sumishin Net Bank, Ltd. | ¥4,640 | +5.6% | 6 | Strategic buyer |
| GRAPHICO,Inc. | ¥3,606 | +5.4% | 4 | Strategic buyer |
| AmidA Holdings Co., Ltd. | ¥903 | +5.3% | 4 | Strategic buyer |
| KYODEN COMPANY,LIMITED | ¥570 | +5.3% | 4 | Parent / existing major shareholder |
| ECONOS Co., Ltd | ¥1,340 | +5.2% | 5 | Parent / existing major shareholder |
| Fuji Soft Service Bureau Co., Ltd. | ¥585 | +5.1% | 4 | Parent / existing major shareholder |
| BREXA Next Inc. | ¥1,675 | +4.8% | 7 | Management (MBO) |
| KANEMATSU SUSTECH CORPORATION | ¥2,150 | +4.7% | 4 | Parent / existing major shareholder |
| Kintetsu World Express, Inc. | ¥4,000 | +4.4% | 5 | Parent / existing major shareholder |
| CHUOH PACK INDUSTRY CO.,LTD. | ¥4,824 | +4.4% | 2 | Strategic buyer |
| PC DEPOT CORPORATION | ¥460 | +4.4% | 5 | Management (MBO) |
| Kaonavi, Inc. | ¥4,200 | +4.3% | 3 | Financial sponsor |
| CAREER BANK CO.,LTD | ¥1,685 | +4.2% | 4 | Strategic buyer |
| HUMAN ASSOCIATES HOLDINGS, Inc. | ¥880 | +4.0% | 3 | Strategic buyer |
| MESCO,Inc. | ¥1,270 | +3.9% | 4 | Parent / existing major shareholder |
| MIMASU SEMICONDUCTOR INDUSTRY CO., LTD. | ¥3,560 | +3.9% | 3 | Parent / existing major shareholder |
| Nissui Pharmaceutical Co., Ltd. | ¥1,650 | +3.9% | 5 | Strategic buyer |
| DIGITAL HOLDINGS,INC. | ¥1,943 | +3.7% | 2 | Strategic buyer |
| FUJITEC CO., LTD. | ¥5,500 | +3.6% | 4 | Financial sponsor |
| Goo Chemical Co., Ltd. | ¥1,670 | +3.6% | 4 | Management (MBO) |
| JSR Corporation | ¥4,200 | +3.6% | 4 | Financial sponsor |
| Longlife Holding Co., Ltd. | ¥180 | +3.3% | 5 | Management (MBO) |
| ALBERT Inc. | ¥8,890 | +3.3% | 5 | Strategic buyer |
| CE Holdings Co.,Ltd. | ¥1,600 | +3.1% | 4 | Financial sponsor |
| Ipet Holdings, Inc. | ¥3,450 | +2.9% | 2 | Strategic buyer |
| JTOWER Inc. | ¥3,500 | +2.9% | 3 | Financial sponsor |
| NAIGAI TRANS LINE LTD. | ¥3,955 | +2.8% | 5 | Financial sponsor |
| CMIC HOLDINGS Co.,Ltd. | ¥2,580 | +2.7% | 3 | Management (MBO) |
| Net One Systems Co.,Ltd. | ¥4,400 | +2.3% | 2 | Strategic buyer |
| NITTOKAKO CO.,LTD. | ¥480 | +2.1% | 1 | Strategic buyer |
| FUJITSU GENERAL LIMITED | ¥2,753 | +2.0% | 4 | Strategic buyer |
| DOMY CO.,LTD. | ¥1,888 | +1.5% | 3 | Strategic buyer |
| SHARINGTECHNOLOGY INC. | ¥1,531 | +1.2% | 2 | Financial sponsor |
| Renewable Japan Co., Ltd. | ¥1,236 | +1.1% | 5 | Management (MBO) |
| With us Corporation | ¥3,207 | +0.9% | 2 | Financial sponsor |
| Proterial, Ltd. | ¥2,164 | +0.8% | 3 | Financial sponsor |
| T-Gaia Corporation | ¥2,650 | +0.8% | 2 | Financial sponsor |
| YOMEISHU SEIZO CO.,LTD. | ¥4,022 | +0.7% | 4 | Other |
| KADOYA SESAME MILLS INCORPORATED | ¥2,500 | +0.6% | 3 | Management (MBO) |
| E-Store Co., Ltd. | ¥1,943 | +0.5% | 4 | Financial sponsor |
| kainos loboratories,inc | ¥2,274 | +0.5% | 3 | Strategic buyer |
| NIPPON PALLET POOL CO.,LTD. | ¥2,498 | +0.5% | 3 | Strategic buyer |
| SEIKO PMC CORPORATION | ¥1,065 | +0.5% | 2 | Financial sponsor |
| TechnoPro Holdings, Inc. | ¥4,850 | +0.4% | 2 | Financial sponsor |
| NC Holdings Co., Ltd. | ¥2,200 | +0.4% | 5 | Financial sponsor |
| Nippon Housing Co., Ltd. | ¥1,540 | +0.3% | 4 | Management (MBO) |
| MAMEZO CO.,LTD. | ¥3,548 | +0.1% | 3 | Financial sponsor |
| J.S.B.Co.,Ltd. | ¥9,000 | 0.0% | 1 | Financial sponsor |
| The Kodensha,Co.,Ltd. | ¥11,501 | 0.0% | 1 | Strategic buyer |
| RYOMO SYSTEMS CO.,LTD. | ¥5,200 | 0.0% | 6 | Parent / existing major shareholder |
| e'grand Co.,Ltd | ¥4,858 | 0.0% | 1 | Strategic buyer |
| Solasto Corporation | ¥1,119 | 0.0% | 1 | Management (MBO) |
| Logisnext Co.,Ltd. | ¥1,537 | 0.0% | 1 | Financial sponsor |
| Newtech Co., Ltd. | ¥2,650 | 0.0% | 1 | Strategic buyer |
| HOGY MEDICAL CO.,LTD. | ¥6,700 | 0.0% | 1 | Financial sponsor |
| SAINT-CARE HOLDING CORPORATION | ¥1,220 | 0.0% | 6 | Management (MBO) |
| TOYO CONSTRUCTION CO.,LTD. | ¥1,750 | 0.0% | 1 | Strategic buyer |
| KOATSU KOGYO CO., LTD. | ¥1,840 | 0.0% | 6 | Parent / existing major shareholder |
| NIPPON CONCEPT CORPORATION | ¥3,060 | 0.0% | 1 | Management (MBO) |
| KOKEN BORING MACHINE CO., LTD. | ¥764 | 0.0% | 1 | Strategic buyer |
| Tright Co., Ltd. | ¥880 | 0.0% | 1 | Financial sponsor |
| IMAGICA GROUP Inc. | ¥795 | 0.0% | 5 | Management (MBO) |
| BEENOS Inc. | ¥4,000 | 0.0% | 1 | Strategic buyer |
| Raysum Co., Ltd. | ¥5,913 | 0.0% | 1 | Strategic buyer |
| ViSCO Technologies Corporation | ¥1,100 | 0.0% | 1 | Strategic buyer |
| Chilled & Frozen Logistics Holdings Co.,Ltd. | ¥5,740 | 0.0% | 1 | Strategic buyer |
| KFC Holdings Japan, Ltd. | ¥6,500 | 0.0% | 1 | Financial sponsor |
| Benefit One Inc. | ¥2,173 | 0.0% | 3 | Strategic buyer |
| T&K TOKA CO.,LTD. | ¥1,410 | 0.0% | 2 | Financial sponsor |
| GUPPY's Inc. | ¥3,250 | 0.0% | 6 | Strategic buyer |
| CHUO BUILD INDUSTRY CO.,LTD. | ¥750 | 0.0% | 4 | Parent / existing major shareholder |
| TERAOKA SEISAKUSHO CO.,LTD. | ¥564 | 0.0% | 1 | Management (MBO) |
| TAKISAWA Co., Ltd. | ¥2,600 | 0.0% | 1 | Strategic buyer |
| TCS Inc. | ¥1,748 | 0.0% | 1 | Strategic buyer |
| YAIZU SUISANKAGAKU INDUSTRY CO.,LTD. | ¥1,137 | 0.0% | 3 | Financial sponsor |
| SBI Shinsei Bank, Limited | ¥2,800 | 0.0% | 3 | Parent / existing major shareholder |
| TOTOKU ELECTRIC CO., LTD. | ¥5,660 | 0.0% | 3 | Financial sponsor |
| Mutual Co., Ltd. | ¥1,800 | 0.0% | 2 | Financial sponsor |
| SoldOut, Inc. | ¥1,809 | 0.0% | 1 | Strategic buyer |
| SNK CORPORATION | ¥3,719,700 | 0.0% | 1 | Parent / existing major shareholder |
| GOYO foods Industry Co., Ltd. | ¥879 | 0.0% | 1 | Strategic buyer |
Committee valuers, fairness opinions and auctions (take-privates)
Premiums, and the share of cases where the offer price exceeded the top of the target-side DCF range, with and without each feature. This does not show causation (no adjustment for size, sector or acquirer).
| Feature | Deals | Median premium | Above DCF range | |
|---|---|---|---|---|
| Special committee engaged its own valuer | Yes | 85 | 33.7% (n=85) | 13.8% (23/167) |
| No / not stated | 298 | 41.4% (n=293) | 11.8% (37/314) | |
| Fairness opinion obtained (target or committee) | Yes | 47 | 33.9% (n=47) | 8.3% (7/84) |
| No / not stated | 336 | 40.4% (n=331) | 13.4% (53/397) | |
| Auction (chosen from several bidders) | Yes | 91 | 38.1% (n=88) | 28.8% (34/118) |
| No / not stated | 292 | 40.4% (n=290) | 7.2% (26/363) |
Discount rate distribution (DCF)
One point per deal and valuer: the midpoint of the stated range. Of the 230 deals with an acquirer-side DCF valuation, 6 disclosed the discount rate. Most discount rates that appear in tender offer registration statements restate the target side's valuation. The target and special-committee rows cover different sets of deals. To compare the two, see the same-deal comparison below.
Acquirer (n=6)Target (n=200)Special committee (n=50)
Show as table
| Valuer | Engaged by | Range | ID |
|---|---|---|---|
| Mizuho Securities Co., Ltd. | Target | 2.8%〜3.3% | 5017-20250912 |
| Plutus Consulting Co., Ltd. | Special committee | 3.1%〜3.4% | 7450-20260109 |
| Plutus Consulting Co., Ltd. | Special committee | 3.0%〜3.5% | 8806-20211201 |
| Nomura Securities Co., Ltd. | Target | 3.0%〜3.5% | 8806-20211201 |
| Plutus Consulting Co., Ltd. | Special committee | 3.1%〜3.8% | 5017-20250912 |
| Nomura Securities Co., Ltd. | Target | 3.3%〜3.8% | 5008-20221003 |
| Goldman Sachs Japan Co., Ltd. | Acquirer | 3.3%〜3.8% | 8806-20211201 |
| Mizuho Securities Co., Ltd. | Target | 3.6%〜3.8% | 7450-20260109 |
| Frontier Management Inc. | Target | 3.6%〜4.1% | 9695-20220124 |
| Frontier Management Inc. | Target | 3.6%〜4.1% | 9695-20211213 |
| Misou Partners Co., Ltd. | Target | 3.8%〜4.1% | 7623-20250311 |
| Yamada Consulting Group Co., Ltd. | Target | 4.0%〜4.9% | 7597-20211110 |
| MUFG Bank, Ltd. | Target | 4.0%〜5.0% | 4690-20260202 |
| Mizuho Securities Co., Ltd. | Target | 4.1%〜5.1% | 8922-20211228 |
| Mizuho Securities Co., Ltd. | Target | 4.2%〜5.2% | 9964-20220908 |
| SMBC Nikko Securities Inc. | Target | 4.6%〜4.8% | 1352-20220301 |
| Nomura Securities Co., Ltd. | Target | 4.5%〜5.0% | 9358-20211201 |
| Tokai Tokyo Securities Co., Ltd. | Target | 4.6%〜5.1% | 1739-20231225 |
| Yamada & Partners Advisory Co., Ltd. | Target | 4.4%〜5.3% | 3546-20260213 |
| Yamada Consulting Group Co., Ltd. | Target | 4.5%〜5.5% | 8854-20231113 |
| Mitsubishi UFJ Morgan Stanley Securities Co., Ltd. | Target | 4.5%〜5.5% | 4781-20240523 |
| Mizuho Securities Co., Ltd. | Target | 4.5%〜5.5% | 4653-20220902 |
| MUFG Bank, Ltd. | Target | 4.5%〜5.5% | 9077-20220208 |
| Daiwa Securities Co., Ltd. | Target | 4.7%〜5.4% | 9070-20250227 |
| Plutus Consulting Co., Ltd. | Target | 4.7%〜5.6% | 3544-20260622 |
| Yamada Consulting Group Co., Ltd. | Target | 4.7%〜5.7% | 5610-20241112 |
| AGS FAS Co., Ltd. | Target | 4.7%〜5.7% | 5212-20231115 |
| XIB Co., Ltd. | Target | 5.1%〜5.6% | 176A-20250815 |
| Nomura Securities Co., Ltd. | Target | 5.3%〜5.8% | 3458-20250129 |
| Nomura Securities Co., Ltd. | Target | 5.0%〜6.0% | 6362-20240809 |
| Nomura Securities Co., Ltd. | Target | 5.3%〜5.8% | 6924-20230207 |
| Plutus Consulting Co., Ltd. | Special committee | 5.0%〜6.1% | 9070-20250227 |
| Houlihan Lokey Co., Ltd. | Target | 5.2%〜6.2% | 9058-20240918 |
| Nomura Securities Co., Ltd. | Target | 5.5%〜6.0% | 3593-20251218 |
| Nomura Securities Co., Ltd. | Target | 5.3%〜6.3% | 9719-20251030 |
| Nomura Securities Co., Ltd. | Target | 5.5%〜6.0% | 6188-20231109 |
| Daiwa Securities Co., Ltd. | Target | 4.8%〜6.8% | 4739-20230803 |
| Yamada Consulting Group Co., Ltd. | Special committee | 5.4%〜6.4% | 1881-20211112 |
| Daiwa Securities Co., Ltd. | Target | 5.4%〜6.4% | 4423-20230705 |
| J-TAP Advisory Co., Ltd. | Target | 5.5%〜6.5% | 5935-20241114 |
| Plutus Consulting Co., Ltd. | Special committee | 5.7%〜6.2% | 4215-20240806 |
| Nomura Securities Co., Ltd. | Target | 5.8%〜6.3% | 9066-20250513 |
| Nomura Securities Co., Ltd. | Target | 5.5%〜6.5% | 3852-20231109 |
| Mitsubishi UFJ Morgan Stanley Securities Co., Ltd. | Target | 5.8%〜6.3% | 8303-20230515 |
| AGS FAS Co., Ltd. | Special committee | 5.0%〜7.0% | 7455-20251113 |
| Sangyo Sosei Advisory Inc. | Target | 5.6%〜6.5% | 4423-20230705 |
| Plutus Consulting Co., Ltd. | Special committee | 5.5%〜6.7% | 5352-20260202 |
| KPMG FAS Co., Ltd. | Target | 3.3%〜8.9% | 3001-20211109 |
| Mizuho Securities Co., Ltd. | Target | 5.6%〜6.6% | 1881-20211112 |
| Mizuho Securities Co., Ltd. | Target | 5.6%〜6.6% | 2612-20260915 |
| Mitsubishi UFJ Morgan Stanley Securities Co., Ltd. | Target | 5.7%〜6.7% | 4530-20260107 |
| Mizuho Securities Co., Ltd. | Target | 5.7%〜6.7% | 9787-20250303 |
| Nomura Securities Co., Ltd. | Target | 6.0%〜6.5% | 2427-20240228 |
| AGS Consulting Co., Ltd. | Target | 5.3%〜7.3% | 3578-20220809 |
| Plutus Consulting Co., Ltd. | Special committee | 5.7%〜6.9% | 2540-20260225 |
| Yamada Consulting Group Co., Ltd. | Target | 6.0%〜6.6% | 9945-20221017 |
| Plutus Consulting Co., Ltd. | Target | 6.0%〜6.7% | 8889-20240805 |
| Yamada Consulting Group Co., Ltd. | Target | 5.7%〜7.0% | 4987-20231031 |
| Yamada Consulting Group Co., Ltd. | Target | 5.9%〜6.9% | 1841-20251113 |
| Daiwa Securities Co., Ltd. | Target | 5.5%〜7.3% | 1973-20241030 |
| PwC Advisory LLC | Target | 5.9%〜6.9% | 3073-20250715 |
| Mitsubishi UFJ Morgan Stanley Securities Co., Ltd. | Target | 5.4%〜7.4% | 6641-20230203 |
| Mizuho Securities Co., Ltd. | Target | 5.9%〜6.9% | 7961-20230130 |
| Stream Co., Ltd. | Target | 5.2%〜7.6% | 7758-20211115 |
| SMBC Nikko Securities Inc. | Target | 6.2%〜6.8% | 7475-20260909 |
| Mitsubishi UFJ Morgan Stanley Securities Co., Ltd. | Target | 5.5%〜7.5% | 2540-20260225 |
| MUFG Bank, Ltd. | Target | 6.0%〜7.0% | 5387-20220426 |
| Yamada Consulting Group Co., Ltd. | Target | 5.9%〜7.2% | 9977-20240109 |
| Mizuho Securities Co., Ltd. | Target | 6.0%〜7.0% | 3254-20250114 |
| Plutus Consulting Co., Ltd. | Target | 5.1%〜8.0% | 9260-20241112 |
| Plutus Consulting Co., Ltd. | Special committee | 6.1%〜7.0% | 4921-20240617 |
| Yamada Consulting Group Co., Ltd. | Target | 6.1%〜7.1% | 9078-20240516 |
| Yamada Consulting Group Co., Ltd. | Special committee | 6.1%〜7.1% | 9263-20231010 |
| Mizuho Securities Co., Ltd. | Target | 5.9%〜7.3% | 7817-20250925 |
| Mizuho Securities Co., Ltd. | Target | 6.1%〜7.1% | 1730-20241210 |
| Credit Suisse Securities (Japan) Limited | Target | 6.1%〜7.1% | 8909-20220812 |
| Mizuho Securities Co., Ltd. | Target | 6.1%〜7.1% | 9067-20260126 |
| Plutus Consulting Co., Ltd. | Special committee | 5.7%〜7.6% | 9719-20251030 |
| Trustees Advisory Co., Ltd. | Target | 6.4%〜6.9% | 7635-20251113 |
| SMBC Nikko Securities Inc. | Target | 6.2%〜7.2% | 5481-20250203 |
| Frontier Management Inc. | Target | 6.5%〜7.0% | 6916-20220210 |
| Frontier Management Inc. | Special committee | 6.2%〜7.2% | 8303-20230515 |
| Nomura Securities Co., Ltd. | Target | 6.5%〜7.0% | 6197-20260325 |
| Nomura Securities Co., Ltd. | Target | 6.5%〜7.0% | 6789-20240213 |
| Houlihan Lokey Co., Ltd. | Target | 6.3%〜7.3% | 2309-20231108 |
| Nomura Securities Co., Ltd. | Target | 6.5%〜7.0% | 2729-20220201 |
| Mizuho Securities Co., Ltd. | Target | 6.3%〜7.3% | 1884-20250515 |
| Plutus Consulting Co., Ltd. | Special committee | 6.1%〜7.5% | 7817-20250925 |
| Trustees Advisory Co., Ltd. | Target | 6.4%〜7.4% | 9641-20220511 |
| PwC Advisory LLC | Special committee | 6.4%〜7.4% | 3593-20251218 |
| Trustees Advisory Co., Ltd. | Target | 6.4%〜7.4% | 2406-20220208 |
| Plutus Consulting Co., Ltd. | Target | 6.4%〜7.5% | 4621-20230809 |
| Yamada Consulting Group Co., Ltd. | Target | 6.5%〜7.5% | 6881-20230810 |
| Mizuho Securities Co., Ltd. | Target | 6.0%〜8.0% | 3540-20250808 |
| Tender Offeror | Acquirer | 6.5%〜7.5% | 7250-20250728 |
| Nimbus Associates Co., Ltd. | Acquirer | 7.0% | 5104-20230213 |
| SMBC Nikko Securities Inc. | Target | 6.4%〜7.8% | 9967-20230515 |
| AGS FAS Co., Ltd. | Target | 6.8%〜7.3% | 7743-20260827 |
| Plutus Consulting Co., Ltd. | Special committee | 5.9%〜8.3% | 9787-20250303 |
| AGS FAS Co., Ltd. | Target | 6.2%〜8.2% | 6416-20250812 |
| Plutus Consulting Co., Ltd. | Target | 6.3%〜8.2% | 4295-20241115 |
| UBS Securities Japan Co., Ltd. | Target | 7.0%〜7.5% | 4921-20240617 |
| Plutus Consulting Co., Ltd. | Special committee | 6.8%〜7.7% | 4739-20230803 |
| Nomura Securities Co., Ltd. | Target | 7.0%〜7.5% | 3919-20211001 |
| PwC Advisory LLC | Special committee | 6.8%〜7.8% | 7743-20260827 |
| SMBC Nikko Securities Inc. | Target | 6.6%〜8.1% | 5352-20260202 |
| Yamada Consulting Group Co., Ltd. | Target | 6.8%〜7.8% | 4957-20251104 |
| Plutus Consulting Co., Ltd. | Special committee | 6.6%〜8.2% | 9927-20260216 |
| PwC Advisory LLC | Target | 6.9%〜7.9% | 4489-20240125 |
| Mizuho Securities Co., Ltd. | Target | 6.4%〜8.4% | 8249-20230203 |
| Frontier Management Inc. | Target | 6.9%〜7.9% | 2178-20220413 |
| Yamada & Partners Advisory Co., Ltd. | Target | 6.7%〜8.2% | 6403-20260206 |
| Yamada Consulting Group Co., Ltd. | Target | 6.4%〜8.4% | 4962-20220207 |
| Yamada Consulting Group Co., Ltd. | Special committee | 6.7%〜8.2% | 9358-20211201 |
| Yamada Consulting Group Co., Ltd. | Target | 7.0%〜8.0% | 4355-20230615 |
| Nomura Securities Co., Ltd. | Target | 7.0%〜8.0% | 6164-20241105 |
| Daiwa Securities Co., Ltd. | Target | 6.5%〜8.5% | 4215-20240806 |
| Yamada Consulting Group Co., Ltd. | Target | 7.0%〜8.0% | 6556-20240209 |
| Nomura Securities Co., Ltd. | Target | 7.3%〜7.8% | 3784-20231109 |
| Benedi Consulting Co., Ltd. | Target | 7.0%〜8.0% | 9263-20231010 |
| Plutus Consulting Co., Ltd. | Special committee | 7.1%〜7.9% | 8096-20230130 |
| Mizuho Securities Co., Ltd. | Target | 7.0%〜8.0% | 6639-20220207 |
| Daiwa Securities Co., Ltd. | Target | 6.5%〜8.5% | 7862-20211111 |
| Plutus Consulting Co., Ltd. | Special committee | 6.2%〜8.9% | 6937-20250808 |
| Plutus Consulting Co., Ltd. | Special committee | 6.5%〜8.7% | 8283-20260512 |
| Maxus Corporate Advisory Co., Ltd. | Target | 6.6%〜8.6% | 7455-20251113 |
| Deloitte Tohmatsu Financial Advisory LLC | Target | 7.1%〜8.1% | 3604-20250210 |
| Mizuho Securities Co., Ltd. | Target | 6.6%〜8.6% | 4699-20211206 |
| Daiwa Securities Co., Ltd. | Target | 7.2%〜8.1% | 8096-20230130 |
| Yamada Consulting Group Co., Ltd. | Target | 7.2%〜8.2% | 7250-20250728 |
| Plutus Consulting Co., Ltd. | Special committee | 6.8%〜8.6% | 4974-20260216 |
| Yamada Consulting Group Co., Ltd. | Special committee | 7.2%〜8.2% | 2371-20260513 |
| Nomura Securities Co., Ltd. | Target | 7.3%〜8.3% | 7739-20251201 |
| Nomura Securities Co., Ltd. | Target | 7.3%〜8.3% | 9232-20240906 |
| Nomura Securities Co., Ltd. | Target | 7.5%〜8.0% | 3919-20220629 |
| J-TAP Advisory Co., Ltd. | Target | 7.0%〜8.6% | 7922-20260204 |
| SMBC Nikko Securities Inc. | Target | 7.1%〜8.6% | 5659-20211201 |
| Plutus Consulting Co., Ltd. | Target | 7.3%〜8.4% | 1712-20251003 |
| Daiwa Securities Co., Ltd. | Target | 7.4%〜8.4% | 8283-20260512 |
| Daiwa Securities Co., Ltd. | Target | 7.3%〜8.6% | 6640-20241108 |
| Plutus Consulting Co., Ltd. | Special committee | 7.6%〜8.4% | 6271-20211109 |
| Tokyo Kyodo Accounting Office | Target | 7.2%〜8.9% | 7490-20260512 |
| Plutus Consulting Co., Ltd. | Special committee | 7.0%〜9.1% | 4384-20251212 |
| EY Strategy and Consulting Co., Ltd. | Target | 7.6%〜8.5% | 7895-20221221 |
| EY Strategy and Consulting Co., Ltd. | Target | 7.6%〜8.5% | 7895-20221115 |
| Plutus Consulting Co., Ltd. | Special committee | 6.7%〜9.4% | 1973-20241030 |
| Daiwa Securities Co., Ltd. | Target | 7.6%〜8.6% | 4974-20260216 |
| Plutus Consulting Co., Ltd. | Special committee | 6.9%〜9.3% | 2692-20260226 |
| Plutus Consulting Co., Ltd. | Target | 6.1%〜10.3% | 7365-20220119 |
| Daiwa Securities Co., Ltd. | Target | 7.1%〜9.4% | 4726-20240426 |
| PwC Advisory LLC | Target | 7.8%〜8.8% | 6937-20250808 |
| AGS FAS Co., Ltd. | Special committee | 7.8%〜8.8% | 1776-20260310 |
| J-TAP Advisory Co., Ltd. | Target | 7.5%〜9.1% | 6172-20230214 |
| Plutus Consulting Co., Ltd. | Special committee | 7.6%〜9.1% | 9066-20250513 |
| Tokyo Financial Advisors Co., Ltd. | Target | 8.4% | 2230-20211018 |
| SMBC Nikko Securities Inc. | Target | 7.6%〜9.2% | 6271-20211109 |
| Plutus Consulting Co., Ltd. | Special committee | 7.9%〜8.9% | 3276-20260804 |
| KPMG FAS Co., Ltd. | Target | 7.9%〜8.9% | 4384-20251212 |
| PwC Advisory LLC | Target | 7.4%〜9.4% | 7945-20220511 |
| Plutus Consulting Co., Ltd. | Special committee | 7.9%〜9.1% | 2427-20240228 |
| EY Strategy and Consulting Co., Ltd. | Target | 8.1%〜8.9% | 3276-20260804 |
| Plutus Consulting Co., Ltd. | Target | 7.4%〜9.6% | 7958-20250317 |
| Plutus Consulting Co., Ltd. | Special committee | 7.6%〜9.6% | 6641-20230203 |
| AGS FAS Co., Ltd. | Special committee | 7.6%〜9.6% | 7958-20250317 |
| TF Certified Public Accountants Joint Office | Target | 8.6% | 6695-20250623 |
| Yamada Consulting Group Co., Ltd. | Target | 8.2%〜9.2% | 7183-20260513 |
| Daiwa Securities Co., Ltd. | Target | 8.1%〜9.3% | 5999-20230209 |
| AGS Consulting Co., Ltd. | Target | 7.7%〜9.7% | 9386-20250701 |
| AGS Consulting Co., Ltd. | Target | 7.7%〜9.7% | 4837-20231113 |
| Plutus Consulting Co., Ltd. | Target | 8.0%〜9.3% | 4722-20260730 |
| Plutus Consulting Co., Ltd. | Target | 7.1%〜10.2% | 7618-20230516 |
| Yamada Consulting Group Co., Ltd. | Target | 7.7%〜9.7% | 2374-20251110 |
| Plutus Consulting Co., Ltd. | Target | 7.8%〜9.5% | 3497-20250527 |
| Frontier Management Inc. | Target | 7.9%〜9.6% | 5070-20250815 |
| Plutus Consulting Co., Ltd. | Special committee | 7.1%〜10.4% | 4464-20250807 |
| Frontier Management Inc. | Special committee | 7.9%〜9.7% | 4722-20260730 |
| Deloitte Tohmatsu LLC | Target | 8.3%〜9.3% | 1776-20260310 |
| Plutus Consulting Co., Ltd. | Special committee | 7.9%〜9.8% | 4917-20250926 |
| Yamada Consulting Group Co., Ltd. | Target | 8.3%〜9.3% | 3847-20250812 |
| J-TAP Advisory Co., Ltd. | Target | 8.0%〜9.7% | 1909-20260514 |
| Akasaka International Accounting Co., Ltd. | Target | 8.2%〜9.5% | 3902-20251216 |
| Plutus Consulting Co., Ltd. | Special committee | 8.3%〜9.4% | 7451-20250509 |
| Tokyo Kyodo Accounting Office | Target | 8.0%〜9.8% | 2777-20230210 |
| SMBC Nikko Securities Inc. | Target | 8.0%〜9.8% | 7298-20231005 |
| KPMG FAS Co., Ltd. | Target | 8.4%〜9.4% | 3094-20251016 |
| Daiwa Securities Co., Ltd. | Target | 8.4%〜9.4% | 2715-20241030 |
| IR Japan Co., Ltd. | Target | 7.9%〜9.9% | 1737-20211227 |
| SMBC Nikko Securities Inc. | Target | 8.0%〜9.8% | 2371-20260513 |
| Daiwa Securities Co., Ltd. | Target | 8.5%〜9.5% | 5191-20251031 |
| PwC Advisory LLC | Target | 8.0%〜10.0% | 6312-20250715 |
| KPMG FAS Co., Ltd. | Target | 8.5%〜9.5% | 2372-20250203 |
| KPMG FAS Co., Ltd. | Target | 8.5%〜9.5% | 6618-20231113 |
| Yamada Consulting Group Co., Ltd. | Target | 8.5%〜9.5% | 9927-20260216 |
| Plutus Consulting Co., Ltd. | Special committee | 7.3%〜10.9% | 7092-20251202 |
| Mizuho Securities Co., Ltd. | Target | 8.6%〜9.6% | 4420-20260902 |
| SMBC Nikko Securities Inc. | Target | 8.2%〜10.0% | 7451-20250509 |
| KPMG FAS Co., Ltd. | Target | 8.6%〜9.6% | 6067-20230127 |
| SMBC Nikko Securities Inc. | Target | 8.2%〜10.1% | 4413-20260819 |
| Plutus Consulting Co., Ltd. | Target | 8.5%〜9.8% | 7250-20250728 |
| Daiwa Securities Co., Ltd. | Target | 8.5%〜9.8% | 9375-20220516 |
| EY Strategy and Consulting Co., Ltd. | Target | 7.9%〜10.5% | 4312-20231109 |
| Plutus Consulting Co., Ltd. | Special committee | 7.7%〜10.8% | 1884-20250515 |
| EY Strategy and Consulting Co., Ltd. | Target | 7.9%〜10.6% | 2453-20231114 |
| Goldman Sachs Japan Co., Ltd. | Acquirer | 7.8%〜10.8% | 9358-20211201 |
| Akasaka International Accounting Co., Ltd. | Acquirer | 9.1%〜9.7% | 7445-20241203 |
| Yamada Consulting Group Co., Ltd. | Target | 8.9%〜9.9% | 5395-20240809 |
| Yamada Consulting Group Co., Ltd. | Target | 9.0%〜10.0% | 4336-20211213 |
| Deloitte Tohmatsu Financial Advisory LLC | Target | 8.5%〜10.5% | 4298-20250205 |
| G-FAS Co., Ltd. | Target | 8.5%〜10.5% | 4770-20240514 |
| Deloitte Tohmatsu Financial Advisory LLC | Special committee | 9.0%〜10.0% | 9375-20220516 |
| Deloitte Tohmatsu Financial Advisory LLC | Target | 9.1%〜10.1% | 8155-20240621 |
| Deloitte Tohmatsu Financial Advisory LLC | Target | 9.1%〜10.1% | 7816-20240221 |
| AGS FAS Co., Ltd. | Target | 8.7%〜10.7% | 4319-20250807 |
| Trustees Advisory Co., Ltd. | Target | 9.4%〜9.9% | 2162-20260601 |
| SBI Securities Co., Ltd. | Target | 8.8%〜10.8% | 3990-20241115 |
| Yamada Consulting Group Co., Ltd. | Target | 9.3%〜10.3% | E27562-20241115 |
| Kowa Audit Corporation | Target | 8.3%〜11.3% | E39284-20241202 |
| Daiwa Securities Co., Ltd. | Target | 8.8%〜10.8% | 5358-20211224 |
| Mizuho Securities Co., Ltd. | Target | 9.4%〜10.4% | 6670-20260206 |
| KPMG FAS Co., Ltd. | Target | 9.5%〜10.5% | 3676-20260807 |
| KPMG FAS Co., Ltd. | Target | 9.0%〜11.0% | 4464-20260122 |
| KPMG FAS Co., Ltd. | Target | 9.0%〜11.0% | 4464-20250807 |
| Tokyo Financial Advisors Co., Ltd. | Acquirer | 10.1% | 6695-20250623 |
| Trustees Advisory Co., Ltd. | Target | 8.6%〜11.6% | 3677-20230928 |
| Daiwa Securities Co., Ltd. | Target | 9.1%〜11.1% | 3658-20211001 |
| Daiwa Securities Co., Ltd. | Target | 9.3%〜11.1% | 7092-20251202 |
| Plutus Consulting Co., Ltd. | Special committee | 9.4%〜11.1% | 5191-20251031 |
| AGS FAS Co., Ltd. | Target | 9.3%〜11.3% | 9691-20260515 |
| Deloitte Tohmatsu Financial Advisory LLC | Target | 9.3%〜11.3% | 7559-20250131 |
| Akasaka International Accounting Co., Ltd. | Special committee | 8.8%〜11.8% | 3990-20241115 |
| KPMG FAS Co., Ltd. | Target | 9.3%〜11.3% | 8293-20220207 |
| Plutus Consulting Co., Ltd. | Target | 8.9%〜11.7% | 3830-20250203 |
| Plutus Consulting Co., Ltd. | Special committee | 8.4%〜12.3% | 4726-20240426 |
| SMBC Nikko Securities Inc. | Target | 9.3%〜11.4% | 9338-20260216 |
| Plutus Consulting Co., Ltd. | Special committee | 9.0%〜11.8% | 4413-20260819 |
| KPMG FAS Co., Ltd. | Target | 9.9%〜10.9% | 6303-20221111 |
| Guardian Advisors Co., Ltd. | Special committee | 9.2%〜11.8% | 6312-20250715 |
| Tasuki Consulting Co., Ltd. | Target | 10.0%〜11.0% | 4171-20260521 |
| Plutus Consulting Co., Ltd. | Target | 9.9%〜11.2% | 6095-20250515 |
| Tokyo Kyodo Accounting Office | Target | 9.5%〜11.6% | 2692-20260226 |
| Akasaka International Accounting Co., Ltd. | Special committee | 9.4%〜11.8% | 6164-20241105 |
| Yamada Consulting Group Co., Ltd. | Target | 9.7%〜11.9% | 7045-20220207 |
| Maxus Corporate Advisory Co., Ltd. | Special committee | 10.3%〜11.3% | 3676-20260807 |
| EY Strategy and Consulting Co., Ltd. | Target | 9.7%〜12.5% | 2180-20260514 |
| KPMG FAS Co., Ltd. | Target | 10.8%〜11.8% | 6938-20240326 |
| Plutus Consulting Co., Ltd. | Target | 10.7%〜12.0% | 5596-20251113 |
| Plutus Consulting Co., Ltd. | Target | 10.4%〜12.5% | 5903-20260430 |
| SMBC Nikko Securities Inc. | Target | 10.4%〜12.7% | 6201-20260115 |
| SBI Securities Co., Ltd. | Target | 10.6%〜12.6% | 7082-20260518 |
| KPMG FAS Co., Ltd. | Target | 11.3%〜12.3% | 5644-20260515 |
| Plutus Consulting Co., Ltd. | Special committee | 9.8%〜13.8% | 8114-20241001 |
| SMBC Nikko Securities Inc. | Target | 11.0%〜13.8% | 9522-20241115 |
| AGS FAS Co., Ltd. | Target | 11.3%〜13.8% | 4800-20260529 |
| IR Japan Co., Ltd. | Target | 11.7%〜13.7% | 2159-20220412 |
| IR Japan Co., Ltd. | Target | 12.1%〜15.1% | 2487-20240809 |
| Plutus Consulting Co., Ltd. | Target | 13.0%〜21.6% | 7298-20231005 |
Perpetual growth rate distribution (DCF)
One point per deal and valuer: the midpoint of the stated range. Of the 230 deals with an acquirer-side DCF valuation, 6 disclosed the discount rate. Most discount rates that appear in tender offer registration statements restate the target side's valuation. The target and special-committee rows cover different sets of deals. To compare the two, see the same-deal comparison below.
Acquirer (n=5)Target (n=202)Special committee (n=49)
Show as table
| Valuer | Engaged by | Range | ID |
|---|---|---|---|
| Stream Co., Ltd. | Target | -0.3%〜0.3% | 7523-20260713 |
| Tokyo Kyodo Accounting Office | Target | -0.5%〜0.5% | 7490-20260512 |
| Plutus Consulting Co., Ltd. | Special committee | 0.0% | 8283-20260512 |
| Plutus Consulting Co., Ltd. | Target | 0.0% | 5903-20260430 |
| Plutus Consulting Co., Ltd. | Special committee | 0.0% | 2692-20260226 |
| Plutus Consulting Co., Ltd. | Special committee | 0.0% | 2540-20260225 |
| Plutus Consulting Co., Ltd. | Special committee | 0.0% | 4974-20260216 |
| Plutus Consulting Co., Ltd. | Special committee | 0.0% | 9927-20260216 |
| Yamada & Partners Advisory Co., Ltd. | Target | 0.0% | 3546-20260213 |
| J-TAP Advisory Co., Ltd. | Target | -0.5%〜0.5% | 7922-20260204 |
| MUFG Bank, Ltd. | Target | -0.3%〜0.3% | 4690-20260202 |
| Plutus Consulting Co., Ltd. | Special committee | 0.0% | 7450-20260109 |
| Plutus Consulting Co., Ltd. | Special committee | 0.0% | 7450-20260109 |
| Mizuho Securities Co., Ltd. | Target | -0.1%〜0.1% | 7450-20260109 |
| Mizuho Securities Co., Ltd. | Target | -0.1%〜0.1% | 7450-20260109 |
| Akasaka International Accounting Co., Ltd. | Target | -1.0%〜1.0% | 3902-20251216 |
| Plutus Consulting Co., Ltd. | Special committee | 0.0% | 7092-20251202 |
| Nomura Securities Co., Ltd. | Target | -0.3%〜0.3% | 7739-20251201 |
| Plutus Consulting Co., Ltd. | Target | 0.0% | 5596-20251113 |
| Plutus Consulting Co., Ltd. | Special committee | 0.0% | 5191-20251031 |
| Plutus Consulting Co., Ltd. | Target | 0.0% | 1712-20251003 |
| Plutus Consulting Co., Ltd. | Special committee | 0.0% | 4917-20250926 |
| Plutus Consulting Co., Ltd. | Special committee | 0.0% | 4917-20250926 |
| Plutus Consulting Co., Ltd. | Special committee | 0.0% | 7817-20250925 |
| Plutus Consulting Co., Ltd. | Special committee | 0.0% | 5017-20250912 |
| Mizuho Securities Co., Ltd. | Target | -0.3%〜0.3% | 5017-20250912 |
| Stream Co., Ltd. | Target | -0.3%〜0.3% | 7523-20250901 |
| XIB Co., Ltd. | Target | -0.3%〜0.3% | 176A-20250815 |
| Frontier Management Inc. | Target | -0.5%〜0.5% | 5070-20250815 |
| Plutus Consulting Co., Ltd. | Special committee | 0.0% | 6937-20250808 |
| Plutus Consulting Co., Ltd. | Special committee | 0.0% | 4464-20250807 |
| Plutus Consulting Co., Ltd. | Target | 0.0% | 7250-20250728 |
| Plutus Consulting Co., Ltd. | Target | 0.0% | 3497-20250527 |
| Mizuho Securities Co., Ltd. | Target | -0.5%〜0.5% | 3319-20250516 |
| Plutus Consulting Co., Ltd. | Special committee | 0.0% | 1884-20250515 |
| Plutus Consulting Co., Ltd. | Special committee | 0.0% | 1884-20250515 |
| Mizuho Securities Co., Ltd. | Target | -0.5%〜0.5% | 1884-20250515 |
| Mizuho Securities Co., Ltd. | Target | -0.5%〜0.5% | 1884-20250515 |
| Plutus Consulting Co., Ltd. | Target | 0.0% | 6095-20250515 |
| Plutus Consulting Co., Ltd. | Special committee | 0.0% | 9066-20250513 |
| Plutus Consulting Co., Ltd. | Special committee | 0.0% | 7451-20250509 |
| SMBC Nikko Securities Inc. | Target | -0.3%〜0.3% | 7451-20250509 |
| Plutus Consulting Co., Ltd. | Target | 0.0% | 7958-20250317 |
| Plutus Consulting Co., Ltd. | Special committee | 0.0% | 9787-20250303 |
| Mizuho Securities Co., Ltd. | Target | -0.3%〜0.3% | 9787-20250303 |
| Plutus Consulting Co., Ltd. | Special committee | 0.0% | 9070-20250227 |
| SMBC Nikko Securities Inc. | Target | -0.3%〜0.3% | 5481-20250203 |
| Mizuho Securities Co., Ltd. | Target | -0.5%〜0.5% | 3254-20250114 |
| Mizuho Securities Co., Ltd. | Target | -0.5%〜0.5% | 1730-20241210 |
| Mizuho Securities Co., Ltd. | Target | -0.5%〜0.5% | 1730-20241210 |
| Akasaka International Accounting Co., Ltd. | Acquirer | -0.3%〜0.3% | 7445-20241203 |
| Akasaka International Accounting Co., Ltd. | Special committee | -1.0%〜1.0% | 3990-20241115 |
| Plutus Consulting Co., Ltd. | Target | 0.0% | 4295-20241115 |
| SMBC Nikko Securities Inc. | Target | -0.3%〜0.3% | 9522-20241115 |
| J-TAP Advisory Co., Ltd. | Target | -0.5%〜0.5% | 5935-20241114 |
| Plutus Consulting Co., Ltd. | Special committee | 0.0% | 1973-20241030 |
| Nomura Securities Co., Ltd. | Target | -0.3%〜0.3% | 9232-20240906 |
| IR Japan Co., Ltd. | Target | 0.0% | 2487-20240809 |
| Nomura Securities Co., Ltd. | Target | -0.3%〜0.3% | 6362-20240809 |
| Plutus Consulting Co., Ltd. | Special committee | 0.0% | 4215-20240806 |
| Plutus Consulting Co., Ltd. | Special committee | 0.0% | 4921-20240617 |
| Yamada Consulting Group Co., Ltd. | Target | -0.3%〜0.3% | 9078-20240516 |
| G-FAS Co., Ltd. | Target | -0.5%〜0.5% | 4770-20240514 |
| Plutus Consulting Co., Ltd. | Special committee | 0.0% | 4726-20240426 |
| Plutus Consulting Co., Ltd. | Special committee | 0.0% | 2427-20240228 |
| Nomura Securities Co., Ltd. | Target | -0.3%〜0.3% | 2427-20240228 |
| Yamada Consulting Group Co., Ltd. | Target | -0.5%〜0.5% | 6556-20240209 |
| Yamada Consulting Group Co., Ltd. | Target | -0.5%〜0.5% | 9977-20240109 |
| Tokai Tokyo Securities Co., Ltd. | Target | 0.0% | 1739-20231225 |
| AGS FAS Co., Ltd. | Target | -0.5%〜0.5% | 5212-20231115 |
| AGS Consulting Co., Ltd. | Target | -0.5%〜0.5% | 4837-20231113 |
| Yamada Consulting Group Co., Ltd. | Target | -0.3%〜0.3% | 8854-20231113 |
| Nomura Securities Co., Ltd. | Target | -0.3%〜0.3% | 3784-20231109 |
| Nomura Securities Co., Ltd. | Target | -0.3%〜0.3% | 3852-20231109 |
| Nomura Securities Co., Ltd. | Target | -0.3%〜0.3% | 6188-20231109 |
| Houlihan Lokey Co., Ltd. | Target | -0.3%〜0.3% | 2309-20231108 |
| Yamada Consulting Group Co., Ltd. | Target | -0.5%〜0.5% | 4987-20231031 |
| Yamada Consulting Group Co., Ltd. | Special committee | -0.5%〜0.5% | 9263-20231010 |
| Benedi Consulting Co., Ltd. | Target | -0.5%〜0.5% | 9263-20231010 |
| Trustees Advisory Co., Ltd. | Special committee | -0.5%〜0.5% | 7298-20231005 |
| SMBC Nikko Securities Inc. | Target | -0.3%〜0.3% | 7298-20231005 |
| Plutus Consulting Co., Ltd. | Target | 0.0% | 7298-20231005 |
| Yamada Consulting Group Co., Ltd. | Target | -0.5%〜0.5% | 6881-20230810 |
| Plutus Consulting Co., Ltd. | Target | 0.0% | 4621-20230809 |
| Plutus Consulting Co., Ltd. | Special committee | 0.0% | 4739-20230803 |
| Sangyo Sosei Advisory Inc. | Target | -0.3%〜0.3% | 4423-20230705 |
| Sangyo Sosei Advisory Inc. | Target | -0.3%〜0.3% | 4423-20230705 |
| Yamada Consulting Group Co., Ltd. | Target | -0.3%〜0.3% | 4355-20230615 |
| Plutus Consulting Co., Ltd. | Target | 0.0% | 7618-20230516 |
| SMBC Nikko Securities Inc. | Target | -0.3%〜0.3% | 9967-20230515 |
| J-TAP Advisory Co., Ltd. | Target | -1.0%〜1.0% | 6172-20230214 |
| Tokyo Kyodo Accounting Office | Target | -0.5%〜0.5% | 2777-20230210 |
| Nomura Securities Co., Ltd. | Target | -0.3%〜0.3% | 6924-20230207 |
| Plutus Consulting Co., Ltd. | Special committee | 0.0% | 6641-20230203 |
| Mizuho Securities Co., Ltd. | Target | -1.0%〜1.0% | 8249-20230203 |
| Mizuho Securities Co., Ltd. | Target | -1.0%〜1.0% | 8249-20230203 |
| Mizuho Securities Co., Ltd. | Target | -0.5%〜0.5% | 7961-20230130 |
| Mizuho Securities Co., Ltd. | Target | -0.5%〜0.5% | 7961-20230130 |
| Plutus Consulting Co., Ltd. | Special committee | 0.0% | 8096-20230130 |
| KPMG FAS Co., Ltd. | Target | -0.5%〜0.5% | 6067-20230127 |
| KPMG FAS Co., Ltd. | Target | -0.5%〜0.5% | 6303-20221111 |
| Yamada Consulting Group Co., Ltd. | Target | -0.5%〜0.5% | 9945-20221017 |
| Mizuho Securities Co., Ltd. | Target | -0.5%〜0.5% | 9964-20220908 |
| Mizuho Securities Co., Ltd. | Target | -0.5%〜0.5% | 4653-20220902 |
| AGS Consulting Co., Ltd. | Target | 0.0% | 3578-20220809 |
| Nomura Securities Co., Ltd. | Target | -0.5%〜0.5% | 3919-20220629 |
| Plutus Consulting Co., Ltd. | Target | 0.0% | 6815-20220624 |
| Frontier Management Inc. | Target | -0.5%〜0.5% | 2178-20220413 |
| IR Japan Co., Ltd. | Target | -0.5%〜0.5% | 2159-20220412 |
| SMBC Nikko Securities Inc. | Target | -0.3%〜0.3% | 1352-20220301 |
| Frontier Management Inc. | Target | -0.3%〜0.3% | 6916-20220210 |
| Trustees Advisory Co., Ltd. | Target | 0.0% | 2406-20220208 |
| MUFG Bank, Ltd. | Target | -0.3%〜0.3% | 9077-20220208 |
| Yamada Consulting Group Co., Ltd. | Target | -0.5%〜0.5% | 4962-20220207 |
| Mizuho Securities Co., Ltd. | Target | -0.5%〜0.5% | 6639-20220207 |
| Yamada Consulting Group Co., Ltd. | Target | -0.5%〜0.5% | 7045-20220207 |
| KPMG FAS Co., Ltd. | Target | -0.5%〜0.5% | 8293-20220207 |
| Nomura Securities Co., Ltd. | Target | -0.3%〜0.3% | 2729-20220201 |
| Frontier Management Inc. | Target | -0.3%〜0.3% | 9695-20220124 |
| Mizuho Securities Co., Ltd. | Target | -0.5%〜0.5% | 8922-20211228 |
| IR Japan Co., Ltd. | Target | -0.5%〜0.5% | 1737-20211227 |
| Yamada Consulting Group Co., Ltd. | Target | -0.5%〜0.5% | 4336-20211213 |
| Frontier Management Inc. | Target | -0.3%〜0.3% | 9695-20211213 |
| Mizuho Securities Co., Ltd. | Target | -1.0%〜1.0% | 4699-20211206 |
| SMBC Nikko Securities Inc. | Target | -0.3%〜0.3% | 5659-20211201 |
| Plutus Consulting Co., Ltd. | Special committee | 0.0% | 8806-20211201 |
| Nomura Securities Co., Ltd. | Target | -0.3%〜0.3% | 8806-20211201 |
| Yamada Consulting Group Co., Ltd. | Special committee | -0.5%〜0.5% | 9358-20211201 |
| Nomura Securities Co., Ltd. | Target | -0.3%〜0.3% | 9358-20211201 |
| Yamada Consulting Group Co., Ltd. | Special committee | -0.5%〜0.5% | 1881-20211112 |
| Mizuho Securities Co., Ltd. | Target | -0.5%〜0.5% | 1881-20211112 |
| Yamada Consulting Group Co., Ltd. | Target | -0.3%〜0.3% | 7597-20211110 |
| Benedi Consulting Co., Ltd. | Special committee | 0.0% | 3001-20211109 |
| KPMG FAS Co., Ltd. | Target | 0.0% | 3001-20211109 |
| Plutus Consulting Co., Ltd. | Special committee | 0.0% | 6271-20211109 |
| SMBC Nikko Securities Inc. | Target | -0.3%〜0.3% | 6271-20211109 |
| Nomura Securities Co., Ltd. | Target | -0.5%〜0.5% | 3919-20211001 |
| EY Strategy and Consulting Co., Ltd. | Target | 0.0%〜0.3% | 7895-20221221 |
| EY Strategy and Consulting Co., Ltd. | Target | 0.0%〜0.3% | 7895-20221115 |
| Nomura Securities Co., Ltd. | Target | 0.0%〜0.5% | 6197-20260325 |
| Nomura Securities Co., Ltd. | Target | 0.0%〜0.5% | 3458-20250129 |
| SBI Securities Co., Ltd. | Target | -0.3%〜0.8% | 3990-20241115 |
| Nomura Securities Co., Ltd. | Target | 0.0%〜0.5% | 6164-20241105 |
| Trustees Advisory Co., Ltd. | Target | 0.0%〜0.5% | 3677-20230928 |
| Nomura Securities Co., Ltd. | Target | 0.3% | 5008-20221003 |
| Trustees Advisory Co., Ltd. | Target | 0.0%〜0.5% | 9641-20220511 |
| Stream Co., Ltd. | Target | 0.0%〜0.5% | 7758-20211115 |
| SMBC Nikko Securities Inc. | Target | 0.0%〜1.0% | 7475-20260909 |
| SMBC Nikko Securities Inc. | Target | 0.0%〜1.0% | 4413-20260819 |
| Plutus Consulting Co., Ltd. | Special committee | 0.0%〜1.0% | 3276-20260804 |
| EY Strategy and Consulting Co., Ltd. | Target | 0.0%〜1.0% | 3276-20260804 |
| Frontier Management Inc. | Special committee | 0.0%〜1.0% | 4722-20260730 |
| Plutus Consulting Co., Ltd. | Target | 0.0%〜1.0% | 4722-20260730 |
| Tasuki Consulting Co., Ltd. | Target | 0.0%〜1.0% | 4171-20260521 |
| Yamada Consulting Group Co., Ltd. | Target | 0.0%〜1.0% | 5484-20260518 |
| SBI Securities Co., Ltd. | Target | 0.0%〜1.0% | 7082-20260518 |
| Yamada Consulting Group Co., Ltd. | Special committee | 0.0%〜1.0% | 2371-20260513 |
| SMBC Nikko Securities Inc. | Target | 0.0%〜1.0% | 2371-20260513 |
| Yamada Consulting Group Co., Ltd. | Target | 0.0%〜1.0% | 7183-20260513 |
| Tokyo Kyodo Accounting Office | Target | 0.0%〜1.0% | 2692-20260226 |
| SMBC Nikko Securities Inc. | Target | 0.0%〜1.0% | 9338-20260216 |
| Yamada Consulting Group Co., Ltd. | Target | 0.0%〜1.0% | 9927-20260216 |
| Yamada & Partners Advisory Co., Ltd. | Target | 0.0%〜1.0% | 6403-20260206 |
| SMBC Nikko Securities Inc. | Target | 0.0%〜1.0% | 5352-20260202 |
| Yamada Consulting Group Co., Ltd. | Target | 0.0%〜1.0% | 1841-20251113 |
| Maxus Corporate Advisory Co., Ltd. | Target | 0.0%〜1.0% | 7455-20251113 |
| Trustees Advisory Co., Ltd. | Target | 0.0%〜1.0% | 7635-20251113 |
| Yamada Consulting Group Co., Ltd. | Target | 0.0%〜1.0% | 2374-20251110 |
| Yamada Consulting Group Co., Ltd. | Target | 0.0%〜1.0% | 4957-20251104 |
| KPMG FAS Co., Ltd. | Target | 0.0%〜1.0% | 3094-20251016 |
| Yamada Consulting Group Co., Ltd. | Target | 0.0%〜1.0% | 3847-20250812 |
| AGS FAS Co., Ltd. | Target | 0.0%〜1.0% | 6416-20250812 |
| Yamada Consulting Group Co., Ltd. | Target | 0.0%〜1.0% | 7250-20250728 |
| AGS Consulting Co., Ltd. | Target | 0.5% | 9386-20250701 |
| CPA Partners Co., Ltd. | Special committee | 0.3%〜0.8% | 3319-20250516 |
| Misou Partners Co., Ltd. | Target | 0.4%〜0.6% | 7623-20250311 |
| Daiwa Securities Co., Ltd. | Target | 0.0%〜1.0% | 9070-20250227 |
| Deloitte Tohmatsu Financial Advisory LLC | Target | 0.0%〜1.0% | 3604-20250210 |
| Deloitte Tohmatsu Financial Advisory LLC | Target | 0.0%〜1.0% | 4298-20250205 |
| Deloitte Tohmatsu Financial Advisory LLC | Target | 0.0%〜1.0% | 7559-20250131 |
| Yamada Consulting Group Co., Ltd. | Target | 0.0%〜1.0% | E27562-20241115 |
| Akasaka International Accounting Co., Ltd. | Special committee | 0.0%〜1.0% | 6164-20241105 |
| Daiwa Securities Co., Ltd. | Target | 0.0%〜1.0% | 1973-20241030 |
| Daiwa Securities Co., Ltd. | Target | 0.0%〜1.0% | 2715-20241030 |
| Houlihan Lokey Co., Ltd. | Target | 0.0%〜1.0% | 9058-20240918 |
| Yamada Consulting Group Co., Ltd. | Target | 0.0%〜1.0% | 5395-20240809 |
| Daiwa Securities Co., Ltd. | Target | 0.0%〜1.0% | 4215-20240806 |
| Daiwa Securities Co., Ltd. | Target | 0.0%〜1.0% | 4726-20240426 |
| KPMG FAS Co., Ltd. | Target | 0.0%〜1.0% | 6938-20240326 |
| Deloitte Tohmatsu Financial Advisory LLC | Target | 0.0%〜1.0% | 7816-20240221 |
| EY Strategy and Consulting Co., Ltd. | Target | 0.0%〜1.0% | 2453-20231114 |
| Daiwa Securities Co., Ltd. | Target | 0.0%〜1.0% | 4739-20230803 |
| Daiwa Securities Co., Ltd. | Target | 0.0%〜1.0% | 4423-20230705 |
| Daiwa Securities Co., Ltd. | Target | 0.0%〜1.0% | 5999-20230209 |
| Daiwa Securities Co., Ltd. | Target | 0.0%〜1.0% | 8096-20230130 |
| PwC Advisory LLC | Target | 0.0%〜1.0% | 7945-20220511 |
| Daiwa Securities Co., Ltd. | Target | 0.0%〜1.0% | 5358-20211224 |
| Goldman Sachs Japan Co., Ltd. | Acquirer | 0.3%〜0.8% | 9358-20211201 |
| Daiwa Securities Co., Ltd. | Target | 0.0%〜1.0% | 7862-20211111 |
| Daiwa Securities Co., Ltd. | Target | 0.0%〜1.0% | 3658-20211001 |
| Mizuho Securities Co., Ltd. | Target | 0.0%〜1.4% | 7817-20250925 |
| Nomura Securities Co., Ltd. | Target | 0.3%〜1.3% | 3593-20251218 |
| Nomura Securities Co., Ltd. | Target | 0.3%〜1.3% | 9719-20251030 |
| PwC Advisory LLC | Target | 0.5%〜1.0% | 3073-20250715 |
| Goldman Sachs Japan Co., Ltd. | Acquirer | 0.5%〜1.0% | 8806-20211201 |
| KPMG FAS Co., Ltd. | Target | 0.6%〜1.1% | 6618-20231113 |
| KPMG FAS Co., Ltd. | Target | 0.4%〜1.4% | 2372-20250203 |
| Trustees Advisory Co., Ltd. | Target | 0.8%〜1.3% | 2162-20260601 |
| Daiwa Securities Co., Ltd. | Target | 0.5%〜1.5% | 8283-20260512 |
| Deloitte Tohmatsu LLC | Target | 0.5%〜1.5% | 1776-20260310 |
| Mitsubishi UFJ Morgan Stanley Securities Co., Ltd. | Target | 0.8%〜1.3% | 2540-20260225 |
| Mizuho Securities Co., Ltd. | Target | 0.0%〜2.0% | 6670-20260206 |
| Mizuho Securities Co., Ltd. | Target | 0.5%〜1.5% | 9067-20260126 |
| Mizuho Securities Co., Ltd. | Target | 0.5%〜1.5% | 9067-20260126 |
| KPMG FAS Co., Ltd. | Target | 0.0%〜2.0% | 4464-20260122 |
| SMBC Nikko Securities Inc. | Target | 0.8%〜1.3% | 6201-20260115 |
| KPMG FAS Co., Ltd. | Target | 0.5%〜1.5% | 4384-20251212 |
| Daiwa Securities Co., Ltd. | Target | 0.5%〜1.5% | 7092-20251202 |
| AGS FAS Co., Ltd. | Special committee | 0.5%〜1.5% | 7455-20251113 |
| Daiwa Securities Co., Ltd. | Target | 0.0%〜2.0% | 5191-20251031 |
| Daiwa Securities Co., Ltd. | Target | 0.5%〜1.5% | 3526-20250812 |
| Mizuho Securities Co., Ltd. | Target | 0.0%〜2.0% | 3540-20250808 |
| Mizuho Securities Co., Ltd. | Target | 0.0%〜2.0% | 3540-20250808 |
| KPMG FAS Co., Ltd. | Target | 0.0%〜2.0% | 4464-20250807 |
| Tender Offeror | Acquirer | 0.0%〜2.0% | 7250-20250728 |
| Guardian Advisors Co., Ltd. | Special committee | 0.5%〜1.5% | 6312-20250715 |
| PwC Advisory LLC | Target | 0.5%〜1.5% | 6312-20250715 |
| Mizuho Securities Co., Ltd. | Target | 0.0%〜2.0% | 4267-20250317 |
| Daiwa Securities Co., Ltd. | Target | 0.5%〜1.5% | 6640-20241108 |
| Nimbus Associates Co., Ltd. | Acquirer | 0.5%〜1.5% | 5104-20230213 |
| AGS FAS Co., Ltd. | Target | 0.9%〜1.5% | 4319-20250807 |
| Deloitte Tohmatsu Financial Advisory LLC | Target | 0.7%〜1.7% | 8155-20240621 |
| AGS FAS Co., Ltd. | Target | 0.6%〜1.9% | 4800-20260529 |
| AGS FAS Co., Ltd. | Target | 0.6%〜1.9% | 9691-20260515 |
| AGS FAS Co., Ltd. | Target | 0.5%〜2.0% | 7743-20260827 |
| AGS FAS Co., Ltd. | Special committee | 0.5%〜2.0% | 1776-20260310 |
| PwC Advisory LLC | Special committee | 0.8%〜1.8% | 3593-20251218 |
| Nomura Securities Co., Ltd. | Target | 1.0%〜1.5% | 9066-20250513 |
| PwC Advisory LLC | Target | 1.0%〜1.5% | 4489-20240125 |
| Mizuho Securities Co., Ltd. | Target | 1.0%〜2.0% | 2612-20260915 |
| Maxus Corporate Advisory Co., Ltd. | Special committee | 1.0%〜2.0% | 3676-20260807 |
| KPMG FAS Co., Ltd. | Target | 1.0%〜2.0% | 3676-20260807 |
| KPMG FAS Co., Ltd. | Target | 1.0%〜2.0% | 5644-20260515 |
| J-TAP Advisory Co., Ltd. | Target | 1.0%〜2.0% | 1909-20260514 |
| PwC Advisory LLC | Target | 1.3%〜1.8% | 6937-20250808 |
| PwC Advisory LLC | Target | 1.5% | 4348-20240619 |
| Nomura Securities Co., Ltd. | Target | 1.3%〜1.8% | 6789-20240213 |
| EY Strategy and Consulting Co., Ltd. | Target | 1.3%〜1.7% | 4312-20231109 |
| PwC Advisory LLC | Special committee | 1.5%〜2.0% | 7743-20260827 |
| EY Strategy and Consulting Co., Ltd. | Target | 1.5%〜2.0% | 2180-20260514 |
| EY Strategy and Consulting Co., Ltd. | Target | 1.5%〜2.0% | 6201-20260115 |
| UBS Securities Japan Co., Ltd. | Target | 1.5%〜2.0% | 4921-20240617 |
| Deloitte Tohmatsu Financial Advisory LLC | Special committee | 1.5%〜2.5% | 9375-20220516 |
| Mizuho Securities Co., Ltd. | Target | 1.0%〜3.0% | 4420-20260902 |
| Daiwa Securities Co., Ltd. | Target | 1.5%〜2.5% | 9375-20220516 |
| Daiwa Securities Co., Ltd. | Target | 2.5%〜3.5% | 4974-20260216 |
By sector (TOPIX-17)
TSE 33 industries grouped into TOPIX-17 sectors. Discount and perpetual growth rates are from target-side (target or special committee) DCF valuations, one point per deal (median if several valuers). Premiums cover take-privates only. "—" where there are fewer than 5 deals.
Discount rates by sector (target-side DCF)
Bars show the interquartile range (25th–75th percentile); dots show the median. Groups with fewer than 5 deals are not plotted.
| Sector | Deals | Median premium | Median discount rate | Median perpetual growth rate |
|---|---|---|---|---|
| IT & Services, Others | 161 | 41.0% (n=129) | 8.5% (n=68) | 0.3% (n=68) |
| Retail Trade | 47 | 32.8% (n=29) | 6.5% (n=14) | 0.0% (n=16) |
| Construction & Materials | 34 | 31.8% (n=29) | 7.9% (n=16) | 0.0% (n=15) |
| Electric Appliances & Precision Instruments | 31 | 41.3% (n=26) | 7.8% (n=12) | 0.6% (n=12) |
| Raw Materials & Chemicals | 29 | 36.4% (n=24) | 7.8% (n=16) | 0.4% (n=16) |
| Commercial & Wholesale Trade | 28 | 45.1% (n=23) | 7.4% (n=14) | 0.0% (n=13) |
| Real Estate | 26 | 42.4% (n=22) | 6.4% (n=10) | 0.0% (n=7) |
| Machinery | 17 | 35.7% (n=16) | 7.4% (n=7) | 0.5% (n=7) |
| Automobiles & Transportation Equipment | 9 | 19.0% (n=9) | — | — |
| Steel & Nonferrous Metals | 9 | 69.9% (n=8) | — | — |
| Transportation & Logistics | 9 | 37.1% (n=9) | 6.6% (n=5) | 0.0% (n=5) |
| Foods | 8 | 31.4% (n=7) | — | — |
| Financials (ex Banks) | 7 | — | — | — |
| Pharmaceutical | 5 | 56.3% (n=5) | — | — |
| Banks | 3 | — | — | — |
| Energy Resources | 2 | — | — | — |
| Electric Power & Gas | 1 | — | — | — |
Special committee's valuer vs the target's valuer (same deal)
Only deals where the target and its special committee each obtained a DCF valuation from a different valuer. Where one side has several valuers, their median is used. The chart shows the discount rate (one row per deal, sorted by the difference).
In 22 of 48 deals the special committee's valuer used a lower discount rate; in 25 a higher one.
Target's valuer Special committee's valuer
| Metric | Deals | Committee higher | Same | Committee lower | Median difference |
|---|---|---|---|---|---|
| Discount rate | 48 | 25 | 1 | 22 | +0.13pt |
| Perpetual growth rate | 44 | 6 | 18 | 20 | 0.00pt |
| Value per share (range midpoint) | 91 | 38 | 0 | 53 | -2.2% |
Show as table
Offer price vs the target-side DCF range
Where the offer price falls in the DCF value-per-share range obtained by the target or its special committee (per deal and valuer). Take-privates only (discount TOBs are priced below the range by design and are excluded). (n=481)
Show as table
| ID | Valuer | Engaged by | Offer price | Range | Position |
|---|---|---|---|---|---|
| 6977-20260918 | みずほ証券株式会社 | Target | 1,901 | 1,181〜2,019 | In range (upper half) |
| 2612-20260915 | みずほ証券株式会社 | Target | 2,514 | 2,203〜3,970 | In range (lower half) |
| 8848-20260915 | 株式会社プルータス・コンサルティング | Special committee | 1,000 | 955〜1,568 | In range (lower half) |
| 8848-20260915 | みずほ証券株式会社 | Target | 1,000 | 945〜1,806 | In range (lower half) |
| 3989-20260910 | 株式会社JOIB | Target | 1,550 | 1,279〜1,521 | Above the range |
| 7475-20260909 | SMBC日興証券株式会社 | Target | 3,780 | 2,311〜4,148 | In range (upper half) |
| 4420-20260902 | みずほ証券株式会社 | Target | 820 | 558〜892 | In range (upper half) |
| 7743-20260827 | PwCアドバイザリー合同会社 | Special committee | 795 | 453〜867 | In range (upper half) |
| 7743-20260827 | 株式会社AGS FAS | Target | 795 | 504〜960 | In range (upper half) |
| 4413-20260819 | 株式会社プルータス・コンサルティング | Special committee | 2,970 | 2,091〜3,425 | In range (upper half) |
| 4413-20260819 | SMBC日興証券株式会社 | Target | 2,970 | 1,694〜3,037 | In range (upper half) |
| 3676-20260807 | マクサス・コーポレートアドバイザリー株式会社 | Special committee | 1,060 | 953〜1,175 | In range (lower half) |
| 3676-20260807 | 株式会社KPMG FAS | Target | 1,060 | 986〜1,213 | In range (lower half) |
| 4320-20260806 | 株式会社AGS FAS | Target | 1,650 | 890〜1,304 | Above the range |
| 3276-20260804 | 株式会社プルータス・コンサルティング | Special committee | 2,270 | 2,020〜2,438 | In range (upper half) |
| 3276-20260804 | EYストラテジー・アンド・コンサルティング株式会社 | Target | 2,270 | 2,040〜2,446 | In range (upper half) |
| 4722-20260730 | フロンティア・マネジメント株式会社 | Special committee | 2,451 | 2,188〜2,863 | In range (lower half) |
| 4722-20260730 | 株式会社プルータス・コンサルティング | Target | 2,451 | 2,003〜2,686 | In range (upper half) |
| 7523-20260713 | 株式会社ストリーム | Target | 1,900 | 1,602〜1,930 | In range (upper half) |
| 2997-20260709 | 株式会社プルータス・コンサルティング | Target | 1,340 | 1,091〜1,724 | In range (lower half) |
| 3544-20260622 | 株式会社プルータス・コンサルティング | Target | 1,260 | 1,070〜1,450 | In range (upper half) |
| 3480-20260615 | 三菱UFJモルガン・スタンレー証券株式会社 | Target | 9,000 | 3,914〜5,211 | Above the range |
| 7426-20260602 | Japan Blue M&Aアドバイザリー株式会社 | Target | 601 | 383〜751 | In range (upper half) |
| 2162-20260601 | トラスティーズ・アドバイザリー株式会社 | Target | 540 | 449〜587 | In range (upper half) |
| 4800-20260529 | 株式会社AGS FAS | Target | 1,370 | 1,038〜1,294 | Above the range |
| 4800-20260529 | 株式会社AGS FAS | Target | 1,370 | 1,038〜1,294 | Above the range |
| 1948-20260526 | 大和証券株式会社 | Target | 11,501 | 3,302〜4,013 | Above the range |
| 4171-20260521 | 株式会社たすきコンサルティング | Target | 1,680 | 1,562〜1,729 | In range (upper half) |
| 7317-20260519 | 野村證券株式会社 | Target | 1,110 | 886〜1,951 | In range (lower half) |
| 5484-20260518 | 山田コンサルティンググループ株式会社 | Target | 4,491 | 3,890〜4,654 | In range (upper half) |
| 7082-20260518 | 株式会社SBI証券 | Target | 1,420 | 1,226〜1,626 | In range (lower half) |
| 8141-20260518 | 三菱UFJモルガン・スタンレー証券株式会社 | Target | 1,580 | 1,358〜1,874 | In range (lower half) |
| 5644-20260515 | 株式会社KPMG FAS | Target | 7,713 | 6,909〜8,224 | In range (upper half) |
| 9691-20260515 | 株式会社AGS FAS | Target | 5,200 | 4,366〜6,071 | In range (lower half) |
| 1909-20260514 | 株式会社J-TAPアドバイザリー | Target | 3,730 | 2,700〜3,735 | In range (upper half) |
| 2180-20260514 | EYストラテジー・アンド・コンサルティング株式会社 | Target | 1,320 | 1,313〜1,933 | In range (lower half) |
| 2371-20260513 | 山田コンサルティンググループ株式会社 | Special committee | 3,680 | 2,344〜3,303 | Above the range |
| 2371-20260513 | SMBC日興証券株式会社 | Target | 3,680 | 2,013〜3,378 | Above the range |
| 7183-20260513 | 山田コンサルティンググループ株式会社 | Target | 257 | 240〜304 | In range (lower half) |
| 7490-20260512 | 東京共同会計事務所 | Target | 2,210 | 2,019〜2,315 | In range (upper half) |
| 8283-20260512 | 株式会社プルータス・コンサルティング | Special committee | 6,650 | 4,962〜6,765 | In range (upper half) |
| 8283-20260512 | 大和証券株式会社 | Target | 6,650 | 4,950〜6,776 | In range (upper half) |
| 5903-20260430 | 株式会社プルータス・コンサルティング | Target | 1,700 | 1,416〜1,937 | In range (upper half) |
| 3271-20260407 | 株式会社KPMG FAS | Target | 1,280 | 1,148〜1,559 | In range (lower half) |
| 3294-20260401 | 株式会社プルータス・コンサルティング | Target | 4,858 | 2,010〜3,463 | Above the range |
| 6197-20260325 | 野村證券株式会社 | Target | 1,119 | 611〜1,407 | In range (upper half) |
| 1776-20260310 | 株式会社AGS FAS | Special committee | 2,000 | 1,708〜2,099 | In range (upper half) |
| 1776-20260310 | 合同会社デロイト トーマツ | Target | 2,000 | 1,823〜2,147 | In range (upper half) |
| 4834-20260304 | 株式会社アイ・アール ジャパン | Target | 1,755 | 1,503〜1,833 | In range (upper half) |
| E02565-20260302 | 株式会社三菱UFJ銀行 | Target | 605 | 602〜768 | In range (lower half) |
| 2692-20260226 | 株式会社プルータス・コンサルティング | Special committee | 13,000 | 11,523〜15,763 | In range (lower half) |
| 2692-20260226 | 東京共同会計事務所 | Target | 13,000 | 11,319〜13,606 | In range (upper half) |
| 2540-20260225 | 株式会社プルータス・コンサルティング | Special committee | 4,050 | 4,015〜4,263 | In range (lower half) |
| 2540-20260225 | 三菱UFJモルガン・スタンレー証券株式会社 | Target | 4,050 | 3,779〜4,121 | In range (upper half) |
| 4659-20260220 | 大和証券株式会社 | Target | 4,450 | 3,970〜4,913 | In range (upper half) |
| 4974-20260216 | 株式会社プルータス・コンサルティング | Special committee | 1,150 | 661〜1,247 | In range (upper half) |
| 4974-20260216 | 大和証券株式会社 | Target | 1,150 | 777〜1,171 | In range (upper half) |
| 9338-20260216 | SMBC日興証券株式会社 | Target | 4,560 | 3,706〜5,243 | In range (upper half) |
| 9927-20260216 | 株式会社プルータス・コンサルティング | Special committee | 972 | 837〜1,254 | In range (lower half) |
| 9927-20260216 | 山田コンサルティンググループ株式会社 | Target | 972 | 860〜1,089 | In range (lower half) |
| 3546-20260213 | 山田&パートナーズアドバイザリー株式会社 | Target | 1,465 | 1,460〜3,421 | In range (lower half) |
| 4556-20260209 | みずほ証券株式会社 | Target | 2,285 | 1,735〜2,835 | In range (upper half) |
| 7229-20260209 | 株式会社プルータス・コンサルティング | Target | 3,024 | 2,445〜3,228 | In range (upper half) |
| 6403-20260206 | 山田&パートナーズアドバイザリー株式会社 | Target | 4,050 | 3,564〜5,065 | In range (lower half) |
| 6670-20260206 | みずほ証券株式会社 | Target | 2,200 | 1,698〜2,596 | In range (upper half) |
| 1726-20260205 | 野村證券株式会社 | Target | 530 | 383〜696 | In range (lower half) |
| 7999-20260205 | 野村證券株式会社 | Target | 7,626 | 6,309〜10,133 | In range (lower half) |
| 7922-20260204 | 株式会社J-TAPアドバイザリー | Target | 726 | 608〜778 | In range (upper half) |
| 4690-20260202 | 株式会社三菱UFJ銀行 | Target | 2,510 | 1,860〜3,358 | In range (lower half) |
| 5352-20260202 | 株式会社プルータス・コンサルティング | Special committee | 4,200 | 3,210〜4,794 | In range (upper half) |
| 5352-20260202 | SMBC日興証券株式会社 | Target | 4,200 | 3,063〜5,397 | In range (lower half) |
| 202A-20260126 | 山田コンサルティンググループ株式会社 | Special committee | 3,551 | 3,015〜4,164 | In range (lower half) |
| 202A-20260126 | 合同会社デロイト トーマツ | Target | 3,551 | 3,052〜4,303 | In range (lower half) |
| 9067-20260126 | みずほ証券株式会社 | Target | 949 | 644〜962 | In range (upper half) |
| 4464-20260122 | 株式会社KPMG FAS | Target | 4,100 | 2,320〜2,893 | Above the range |
| 7105-20260121 | 株式会社プルータス・コンサルティング | Special committee | 1,537 | 1,221〜1,821 | In range (upper half) |
| 7105-20260121 | 野村證券株式会社 | Target | 1,537 | 1,386〜2,915 | In range (lower half) |
| 6201-20260115 | 三菱UFJモルガン・スタンレー証券株式会社 | Special committee | 20,600 | 17,331〜23,392 | In range (upper half) |
| 6201-20260115 | EYストラテジー・アンド・コンサルティング株式会社 | Target | 20,600 | 16,820〜20,458 | Above the range |
| 6201-20260115 | SMBC日興証券株式会社 | Target | 20,600 | 14,111〜21,463 | In range (upper half) |
| 6201-20260115 | SMBC日興証券株式会社 | Target | 20,600 | 14,376〜21,217 | In range (upper half) |
| 7450-20260109 | 株式会社プルータス・コンサルティング | Special committee | 1,280 | 701〜1,557 | In range (upper half) |
| 7450-20260109 | みずほ証券株式会社 | Target | 1,280 | 933〜1,394 | In range (upper half) |
| 4530-20260107 | 三菱UFJモルガン・スタンレー証券株式会社 | Target | 6,082 | 5,578〜6,570 | In range (upper half) |
| E34684-20260107 | みずほ証券株式会社 | Target | 125,000 | 83,240〜123,294 | Above the range |
| 3541-20251226 | 合同会社デロイト トーマツ | Target | 767 | 665〜825 | In range (upper half) |
| 7923-20251223 | 大和証券株式会社 | Target | 1,187 | 505〜975 | Above the range |
| 6901-20251222 | マクサス・コーポレートアドバイザリー株式会社 | Target | 1,303 | 1,009〜1,600 | In range (lower half) |
| 6734-20251219 | 三菱UFJモルガン・スタンレー証券株式会社 | Target | 2,650 | 2,318〜2,723 | In range (upper half) |
| 3593-20251218 | PwCアドバイザリー合同会社 | Special committee | 6,700 | 5,187〜6,838 | In range (upper half) |
| 3593-20251218 | 野村證券株式会社 | Target | 6,700 | 5,640〜7,189 | In range (upper half) |
| 3902-20251216 | 株式会社赤坂国際会計 | Target | 1,693 | 1,006〜1,437 | Above the range |
| 4384-20251212 | 株式会社プルータス・コンサルティング | Special committee | 1,900 | 1,155〜1,847 | Above the range |
| 4384-20251212 | 株式会社KPMG FAS | Target | 1,900 | 1,436〜1,951 | In range (upper half) |
| 7092-20251202 | 株式会社プルータス・コンサルティング | Special committee | 2,315 | 1,879〜2,856 | In range (lower half) |
| 7092-20251202 | 大和証券株式会社 | Target | 2,315 | 2,032〜2,900 | In range (lower half) |
| 7739-20251201 | 野村證券株式会社 | Target | 3,650 | 2,572〜4,345 | In range (upper half) |
| 3961-20251117 | 株式会社赤坂国際会計 | Special committee | 770 | 704〜740 | Above the range |
| 3961-20251117 | 株式会社ディープインパクト | Target | 770 | 649〜717 | Above the range |
| 6406-20251114 | 野村證券株式会社 | Special committee | 5,700 | 5,370〜9,125 | In range (lower half) |
| 6406-20251114 | UBS証券株式会社 | Target | 5,700 | 5,154〜7,253 | In range (lower half) |
| 1841-20251113 | 山田コンサルティンググループ株式会社 | Target | 1,600 | 1,451〜1,788 | In range (lower half) |
| 5596-20251113 | 株式会社プルータス・コンサルティング | Target | 1,800 | 1,528〜2,489 | In range (lower half) |
| 7455-20251113 | 株式会社AGS FAS | Special committee | 581 | 477〜622 | In range (upper half) |
| 7455-20251113 | マクサス・コーポレートアドバイザリー株式会社 | Target | 581 | 475〜604 | In range (upper half) |
| 7635-20251113 | トラスティーズ・アドバイザリー株式会社 | Target | 1,710 | 1,465〜1,920 | In range (upper half) |
| 7718-20251113 | SMBC日興証券株式会社 | Target | 2,210 | 1,989〜3,262 | In range (lower half) |
| 7088-20251111 | 山田コンサルティンググループ株式会社 | Special committee | 1,710 | 1,554〜1,972 | In range (lower half) |
| 7088-20251111 | デロイト トーマツ ファイナンシャルアドバイザリー合同会社 | Target | 1,710 | 1,566〜1,993 | In range (lower half) |
| 2374-20251110 | 山田コンサルティンググループ株式会社 | Target | 1,220 | 869〜1,278 | In range (upper half) |
| E35423-20251107 | PwCアドバイザリー合同会社 | Target | 67,000 | 57,426〜70,193 | In range (upper half) |
| 4957-20251104 | 山田コンサルティンググループ株式会社 | Target | 1,380 | 1,186〜1,612 | In range (lower half) |
| 7940-20251104 | 株式会社KPMG FAS | Target | 921 | 681〜1,008 | In range (upper half) |
| 1949-20251031 | 三菱UFJモルガン・スタンレー証券株式会社 | Special committee | 9,760 | 7,271〜9,026 | Above the range |
| 1949-20251031 | 野村證券株式会社 | Target | 9,760 | 7,262〜8,675 | Above the range |
| 3655-20251031 | 野村證券株式会社 | Target | 2,706 | 2,083〜3,225 | In range (upper half) |
| 5191-20251031 | 株式会社プルータス・コンサルティング | Special committee | 2,600 | 2,326〜2,800 | In range (upper half) |
| 5191-20251031 | 大和証券株式会社 | Target | 2,600 | 2,040〜3,005 | In range (upper half) |
| 9719-20251030 | 株式会社プルータス・コンサルティング | Special committee | 5,700 | 4,651〜5,920 | In range (upper half) |
| 9719-20251030 | 野村證券株式会社 | Target | 5,700 | 4,356〜6,749 | In range (upper half) |
| 3094-20251016 | 株式会社KPMG FAS | Target | 795 | 699〜949 | In range (lower half) |
| 1712-20251003 | 株式会社プルータス・コンサルティング | Target | 1,850 | 1,583〜1,894 | In range (upper half) |
| 9600-20251003 | 三菱UFJモルガン・スタンレー証券株式会社 | Target | 2,530 | 1,959〜2,742 | In range (upper half) |
| 4917-20250926 | 株式会社プルータス・コンサルティング | Special committee | 3,105 | 1,778〜2,902 | Above the range |
| 4917-20250926 | 大和証券株式会社 | Target | 3,105 | 1,649〜2,454 | Above the range |
| 7817-20250925 | 株式会社プルータス・コンサルティング | Special committee | 3,530 | 3,291〜3,935 | In range (lower half) |
| 7817-20250925 | みずほ証券株式会社 | Target | 3,530 | 2,149〜4,225 | In range (upper half) |
| 2389-20250912 | みずほ証券株式会社 | Target | 2,015 | 1,909〜2,116 | In range (upper half) |
| 5017-20250912 | 株式会社プルータス・コンサルティング | Special committee | 480 | 265〜618 | In range (upper half) |
| 5017-20250912 | みずほ証券株式会社 | Target | 480 | 217〜638 | In range (upper half) |
| 7523-20250901 | 株式会社ストリーム | Target | 1,670 | 1,520〜2,150 | In range (lower half) |
| 3688-20250818 | 大和証券株式会社 | Target | 2,100 | 1,849〜2,382 | In range (lower half) |
| 176A-20250815 | XIB株式会社 | Target | 2,750 | 2,390〜3,016 | In range (upper half) |
| 5070-20250815 | フロンティア・マネジメント株式会社 | Target | 750 | 679〜970 | In range (lower half) |
| 5577-20250815 | みずほ証券株式会社 | Target | 1,450 | 870〜1,097 | Above the range |
| 2150-20250814 | フーリハン・ローキー株式会社 | Target | 1,130 | 932〜1,313 | In range (upper half) |
| 3136-20250813 | 株式会社プルータス・コンサルティング | Target | 1,410 | 1,309〜1,815 | In range (lower half) |
| 1890-20250812 | PwCアドバイザリー合同会社 | Target | 1,750 | 1,336〜1,854 | In range (upper half) |
| 3526-20250812 | 大和証券株式会社 | Target | 4,140 | 3,053〜4,732 | In range (upper half) |
| 3847-20250812 | 山田コンサルティンググループ株式会社 | Target | 6,850 | 6,461〜7,736 | In range (lower half) |
| 6416-20250812 | 株式会社AGS FAS | Target | 960 | 720〜1,053 | In range (upper half) |
| 3540-20250808 | みずほ証券株式会社 | Target | 1,500 | 901〜1,583 | In range (upper half) |
| 6937-20250808 | 株式会社プルータス・コンサルティング | Special committee | 1,400 | 1,106〜1,615 | In range (upper half) |
| 6937-20250808 | PwCアドバイザリー合同会社 | Target | 1,400 | 1,243〜1,522 | In range (upper half) |
| 4319-20250807 | 株式会社AGS FAS | Target | 350 | 302〜383 | In range (upper half) |
| 4464-20250807 | 株式会社プルータス・コンサルティング | Special committee | 2,680 | 2,362〜3,155 | In range (lower half) |
| 4464-20250807 | 株式会社KPMG FAS | Target | 2,680 | 2,320〜2,893 | In range (upper half) |
| 6028-20250807 | 株式会社プルータス・コンサルティング | Special committee | 4,870 | 3,618〜4,739 | Above the range |
| 6028-20250807 | 大和証券株式会社 | Target | 4,870 | 3,773〜5,204 | In range (upper half) |
| 6542-20250807 | 有限責任事業組合如水コンサルティング | Target | 1,420 | 1,209〜1,406 | Above the range |
| 1743-20250806 | 株式会社AGS FAS | Target | 1,840 | 1,716〜2,086 | In range (lower half) |
| 1821-20250806 | 山田コンサルティンググループ株式会社 | Special committee | 600 | 550〜1,014 | In range (lower half) |
| 1821-20250806 | SMBC日興証券株式会社 | Target | 600 | 481〜993 | In range (lower half) |
| 3341-20250801 | 株式会社プルータス・コンサルティング | Special committee | 3,927 | 2,696〜3,120 | Above the range |
| 3341-20250801 | 山田コンサルティンググループ株式会社 | Target | 3,927 | 2,248〜4,774 | In range (upper half) |
| 7732-20250729 | JPモルガン証券株式会社 | Target | 3,300 | 2,790〜3,512 | In range (upper half) |
| 7250-20250728 | 山田コンサルティンググループ株式会社 | Target | 3,036 | 1,594〜2,393 | Above the range |
| 7250-20250728 | 株式会社プルータス・コンサルティング | Target | 3,036 | 1,773〜2,453 | Above the range |
| 3073-20250715 | PwCアドバイザリー合同会社 | Target | 1,700 | 1,687〜2,370 | In range (lower half) |
| 6312-20250715 | ガーディアン・アドバイザーズ株式会社 | Special committee | 1,085 | 726〜1,147 | In range (upper half) |
| 6312-20250715 | PwCアドバイザリー合同会社 | Target | 1,085 | 861〜1,117 | In range (upper half) |
| E03189-20250708 | 株式会社三菱UFJ銀行 | Target | 1,917 | 616〜1,310 | Above the range |
| 7379-20250707 | 株式会社プルータス・コンサルティング | Target | 901 | 840〜996 | In range (lower half) |
| 9386-20250701 | 株式会社赤坂国際会計 | Special committee | 3,060 | 2,144〜3,597 | In range (upper half) |
| 9386-20250701 | 株式会社AGSコンサルティング | Target | 3,060 | 2,488〜3,087 | In range (upper half) |
| 3565-20250617 | 株式会社SBI証券 | Target | 1,680 | 1,396〜1,936 | In range (upper half) |
| 6297-20250617 | みずほ証券株式会社 | Target | 764 | 334〜1,363 | In range (lower half) |
| 6411-20250617 | 大和証券株式会社 | Target | 7,900 | 6,587〜8,256 | In range (upper half) |
| 9164-20250611 | 三菱UFJモルガン・スタンレー証券株式会社 | Target | 880 | 605〜903 | In range (upper half) |
| 9696-20250610 | 野村證券株式会社 | Target | 3,237 | 2,338〜3,328 | In range (upper half) |
| 7605-20250609 | 山田コンサルティンググループ株式会社 | Special committee | 2,830 | 2,423〜3,357 | In range (lower half) |
| 6973-20250602 | 山田コンサルティンググループ株式会社 | Target | 3,950 | 3,213〜4,609 | In range (upper half) |
| 7163-20250530 | 野村證券株式会社 | Target | 4,900 | 4,398〜5,871 | In range (lower half) |
| 3497-20250527 | 株式会社プルータス・コンサルティング | Target | 1,500 | 933〜1,642 | In range (upper half) |
| 3319-20250516 | CPAパートナーズ株式会社 | Special committee | 430 | 322〜538 | In range (upper half) |
| 3319-20250516 | みずほ証券株式会社 | Target | 430 | 338〜538 | In range (lower half) |
| 1884-20250515 | 株式会社プルータス・コンサルティング | Special committee | 2,520 | 2,097〜2,821 | In range (upper half) |
| 1884-20250515 | みずほ証券株式会社 | Target | 2,520 | 1,996〜3,135 | In range (lower half) |
| 3347-20250515 | 株式会社AGS FAS | Target | 410 | 219〜426 | In range (upper half) |
| 6095-20250515 | 株式会社プルータス・コンサルティング | Target | 700 | 668〜870 | In range (lower half) |
| 9066-20250513 | 株式会社プルータス・コンサルティング | Special committee | 8,100 | 5,646〜8,096 | Above the range |
| 9066-20250513 | 野村證券株式会社 | Target | 8,100 | 4,742〜11,828 | In range (lower half) |
| 6879-20250512 | マクサス・コーポレートアドバイザリー株式会社 | Target | 795 | 628〜916 | In range (upper half) |
| 6957-20250509 | 山田コンサルティンググループ株式会社 | Special committee | 7,130 | 3,568〜5,886 | Above the range |
| 6957-20250509 | 野村證券株式会社 | Target | 7,130 | 3,355〜6,428 | Above the range |
| 7451-20250509 | 株式会社プルータス・コンサルティング | Special committee | 6,340 | 6,063〜8,719 | In range (lower half) |
| 7451-20250509 | SMBC日興証券株式会社 | Target | 6,340 | 5,571〜9,565 | In range (lower half) |
| 9613-20250509 | 株式会社プルータス・コンサルティング | Special committee | 4,000 | 2,609〜4,476 | In range (upper half) |
| 9613-20250509 | 大和証券株式会社 | Target | 4,000 | 2,768〜5,626 | In range (lower half) |
| 4551-20250508 | みずほ証券株式会社 | Target | 6,350 | 4,979〜7,080 | In range (upper half) |
| 6957-20250502 | 山田コンサルティンググループ株式会社 | Special committee | 7,130 | 3,568〜5,886 | Above the range |
| 6957-20250502 | 野村證券株式会社 | Target | 7,130 | 3,355〜6,428 | Above the range |
| 6755-20250428 | みずほ証券株式会社 | Target | 2,808 | 2,403〜3,691 | In range (lower half) |
| 7408-20250421 | 大和証券株式会社 | Target | 1,800 | 1,342〜2,447 | In range (lower half) |
| 4173-20250411 | マクサス・コーポレートアドバイザリー株式会社 | Target | 502 | 495〜612 | In range (lower half) |
| 8886-20250411 | 株式会社プルータス・コンサルティング | Target | 1,720 | 935〜2,200 | In range (upper half) |
| 3497-20250331 | 株式会社プルータス・コンサルティング | Target | 686 | 933〜1,642 | Below the range |
| 3328-20250324 | 株式会社プルータス・コンサルティング | Special committee | 4,000 | 3,469〜4,752 | In range (lower half) |
| 3328-20250324 | 大和証券株式会社 | Target | 4,000 | 2,908〜3,755 | Above the range |
| 4267-20250317 | みずほ証券株式会社 | Target | 2,179 | 1,476〜2,676 | In range (upper half) |
| 5585-20250317 | トラスティーズ・アドバイザリー株式会社 | Target | 2,190 | 1,812〜2,286 | In range (upper half) |
| 7958-20250317 | 株式会社AGS FAS | Special committee | 3,580 | 2,964〜3,838 | In range (upper half) |
| 7958-20250317 | 株式会社プルータス・コンサルティング | Target | 3,580 | 2,952〜3,918 | In range (upper half) |
| 7623-20250311 | みそうパートナーズ株式会社 | Target | 835 | 642〜940 | In range (upper half) |
| 9384-20250310 | 株式会社プルータス・コンサルティング | Special committee | 4,065 | 3,721〜4,198 | In range (upper half) |
| 9384-20250310 | 株式会社三菱UFJ銀行 | Target | 4,065 | 3,841〜5,095 | In range (lower half) |
| 4304-20250304 | EYストラテジー・アンド・コンサルティング株式会社 | Special committee | 1,953 | 1,944〜2,422 | In range (lower half) |
| 4304-20250304 | みずほ証券株式会社 | Target | 1,953 | 1,541〜2,987 | In range (lower half) |
| 6319-20250303 | 山田コンサルティンググループ株式会社 | Target | 403 | 368〜497 | In range (lower half) |
| 9787-20250303 | 株式会社プルータス・コンサルティング | Special committee | 5,400 | 4,297〜6,563 | In range (lower half) |
| 9787-20250303 | みずほ証券株式会社 | Target | 5,400 | 3,416〜5,862 | In range (upper half) |
| 9070-20250227 | 株式会社プルータス・コンサルティング | Special committee | 10,200 | 6,683〜11,087 | In range (upper half) |
| 9070-20250227 | 大和証券株式会社 | Target | 10,200 | 8,639〜13,585 | In range (lower half) |
| 6967-20250218 | 三菱UFJモルガン・スタンレー証券株式会社 | Target | 5,920 | 5,077〜6,780 | In range (lower half) |
| 6715-20250217 | デロイト トーマツ ファイナンシャルアドバイザリー合同会社 | Target | 2,550 | 2,435〜3,106 | In range (lower half) |
| 4435-20250214 | SMBC日興証券株式会社 | Target | 4,380 | 2,733〜4,501 | In range (upper half) |
| 3604-20250210 | デロイト トーマツ ファイナンシャルアドバイザリー合同会社 | Target | 1,200 | 960〜1,446 | In range (lower half) |
| 2107-20250207 | 東京共同会計事務所 | Target | 2,080 | 1,844〜2,251 | In range (upper half) |
| 5993-20250207 | 東京共同会計事務所 | Target | 2,010 | 1,904〜2,592 | In range (lower half) |
| 6131-20250206 | 株式会社AGS FAS | Special committee | 1,320 | 1,164〜1,524 | In range (lower half) |
| 6131-20250206 | 株式会社アイ・アール ジャパン | Target | 1,320 | 1,237〜1,540 | In range (lower half) |
| 9852-20250206 | 大手町M&Aアドバイザリー株式会社 | Target | 8,058 | 7,035〜8,400 | In range (upper half) |
| 2397-20250205 | 株式会社プルータス・コンサルティング | Target | 1,100 | 779〜1,275 | In range (upper half) |
| 3666-20250205 | 株式会社三菱UFJ銀行 | Target | 1,155 | 702〜1,457 | In range (upper half) |
| 4298-20250205 | デロイト トーマツ ファイナンシャルアドバイザリー合同会社 | Target | 2,100 | 1,808〜2,301 | In range (upper half) |
| 8038-20250205 | トラスティーズ・アドバイザリー株式会社 | Target | 7,500 | 6,061〜7,975 | In range (upper half) |
| 2372-20250203 | 株式会社KPMG FAS | Target | 2,800 | 2,506〜3,339 | In range (lower half) |
| 3264-20250203 | トラスティーズ・アドバイザリー株式会社 | Special committee | 260 | 230〜307 | In range (lower half) |
| 3830-20250203 | 株式会社プルータス・コンサルティング | Target | 2,500 | 2,330〜2,980 | In range (lower half) |
| 3952-20250203 | 野村證券株式会社 | Target | 5,034 | 2,629〜4,817 | Above the range |
| 5481-20250203 | 野村證券株式会社 | Special committee | 2,750 | 2,126〜3,129 | In range (upper half) |
| 5481-20250203 | SMBC日興証券株式会社 | Target | 2,750 | 2,410〜3,591 | In range (lower half) |
| 7559-20250131 | デロイト トーマツ ファイナンシャルアドバイザリー合同会社 | Target | 2,020 | 1,948〜2,204 | In range (lower half) |
| 3458-20250129 | 野村證券株式会社 | Target | 1,700 | 1,159〜2,896 | In range (lower half) |
| 3254-20250114 | みずほ証券株式会社 | Target | 2,390 | 2,057〜2,642 | In range (upper half) |
| 4124-20241216 | 野村證券株式会社 | Target | 3,201 | 1,798〜3,442 | In range (upper half) |
| 1730-20241210 | みずほ証券株式会社 | Target | 680 | 396〜828 | In range (upper half) |
| 7342-20241202 | 山田コンサルティンググループ株式会社 | Special committee | 1,950 | 1,587〜2,165 | In range (upper half) |
| 7342-20241202 | 大和証券株式会社 | Target | 1,950 | 1,440〜2,491 | In range (lower half) |
| 3857-20241127 | SMBC日興証券株式会社 | Target | 1,160 | 1,021〜1,619 | In range (lower half) |
| 9161-20241120 | 大和証券株式会社 | Target | 6,500 | 4,876〜7,762 | In range (upper half) |
| 9749-20241120 | JPモルガン証券株式会社 | Special committee | 9,850 | 7,852〜10,453 | In range (upper half) |
| 9749-20241120 | SMBC日興証券株式会社 | Target | 9,850 | 7,027〜9,529 | Above the range |
| 3978-20241115 | 三菱UFJモルガン・スタンレー証券株式会社 | Target | 1,275 | 1,068〜1,509 | In range (lower half) |
| 3990-20241115 | 株式会社赤坂国際会計 | Special committee | 532 | 400〜628 | In range (upper half) |
| 3990-20241115 | 株式会社SBI証券 | Target | 532 | 461〜615 | In range (lower half) |
| 4295-20241115 | 株式会社プルータス・コンサルティング | Target | 1,220 | 1,192〜1,247 | In range (upper half) |
| 9522-20241115 | SMBC日興証券株式会社 | Target | 1,250 | 945〜1,350 | In range (upper half) |
| E27562-20241115 | 山田コンサルティンググループ株式会社 | Target | 5,000 | 4,233〜5,268 | In range (upper half) |
| 5935-20241114 | 株式会社J-TAPアドバイザリー | Target | 2,080 | 1,791〜2,449 | In range (lower half) |
| 4955-20241113 | 野村證券株式会社 | Target | 1,900 | 1,581〜2,099 | In range (upper half) |
| 5610-20241112 | 山田コンサルティンググループ株式会社 | Target | 1,620 | 1,609〜1,928 | In range (lower half) |
| 9260-20241112 | 株式会社プルータス・コンサルティング | Target | 1,930 | 1,515〜2,719 | In range (lower half) |
| 1439-20241108 | 株式会社プルータス・コンサルティング | Target | 2,150 | 1,974〜2,535 | In range (lower half) |
| 6640-20241108 | 大和証券株式会社 | Target | 2,950 | 2,711〜3,923 | In range (lower half) |
| 7518-20241107 | 三菱UFJモルガン・スタンレー証券株式会社 | Target | 4,500 | 4,026〜4,944 | In range (upper half) |
| 6164-20241105 | 株式会社赤坂国際会計 | Special committee | 1,875 | 1,275〜2,233 | In range (upper half) |
| 6164-20241105 | 野村證券株式会社 | Target | 1,875 | 1,612〜2,983 | In range (lower half) |
| 8732-20241101 | みずほ証券株式会社 | Target | 475 | 348〜441 | Above the range |
| 1973-20241030 | 株式会社プルータス・コンサルティング | Special committee | 3,300 | 2,540〜4,297 | In range (lower half) |
| 1973-20241030 | 大和証券株式会社 | Target | 3,300 | 3,073〜4,688 | In range (lower half) |
| 2715-20241030 | 大和証券株式会社 | Target | 2,400 | 2,327〜2,712 | In range (lower half) |
| 187A-20241015 | デロイト トーマツ ファイナンシャルアドバイザリー合同会社 | Special committee | 3,300 | 2,917〜4,322 | In range (lower half) |
| 187A-20241015 | 野村證券株式会社 | Target | 3,300 | 2,102〜4,677 | In range (lower half) |
| 3738-20241001 | 株式会社プルータス・コンサルティング | Special committee | 2,670 | 2,041〜2,376 | Above the range |
| 3738-20241001 | ビヨンドアーチパートナーズ株式会社 | Target | 2,670 | 2,388〜2,688 | In range (upper half) |
| 8114-20241001 | 株式会社プルータス・コンサルティング | Special committee | 4,350 | 3,594〜5,353 | In range (lower half) |
| 8114-20241001 | 大和証券株式会社 | Target | 4,350 | 3,373〜4,851 | In range (upper half) |
| 9058-20240918 | フーリハン・ローキー株式会社 | Target | 10,300 | 9,344〜13,288 | In range (lower half) |
| 8890-20240917 | 株式会社プルータス・コンサルティング | Special committee | 5,913 | 3,502〜5,918 | In range (upper half) |
| 9675-20240910 | 東京共同会計事務所 | Target | 1,650 | 1,237〜1,800 | In range (upper half) |
| 4268-20240909 | みずほ証券株式会社 | Target | 841 | 640〜988 | In range (upper half) |
| 9232-20240906 | 野村證券株式会社 | Target | 2,140 | 1,770〜3,316 | In range (lower half) |
| 9749-20240905 | JPモルガン証券株式会社 | Special committee | 8,800 | 7,852〜10,453 | In range (lower half) |
| 9749-20240905 | SMBC日興証券株式会社 | Target | 8,800 | 7,027〜9,529 | In range (upper half) |
| 1451-20240827 | 株式会社プルータス・コンサルティング | Target | 1,127 | 909〜1,371 | In range (lower half) |
| 9055-20240822 | 株式会社プルータス・コンサルティング | Special committee | 5,774 | 1,726〜2,840 | Above the range |
| 9055-20240822 | SMBC日興証券株式会社 | Target | 5,774 | 2,098〜3,043 | Above the range |
| 4485-20240815 | CPAパートナーズ株式会社 | Special committee | 3,600 | 3,039〜4,117 | In range (upper half) |
| 4485-20240815 | 野村證券株式会社 | Target | 3,600 | 2,590〜4,424 | In range (upper half) |
| 8072-20240815 | 株式会社プルータス・コンサルティング | Special committee | 4,000 | 3,723〜6,663 | In range (lower half) |
| 8072-20240815 | 株式会社MIT Corporate Advisory Services | Target | 4,000 | 3,503〜4,253 | In range (upper half) |
| 2487-20240809 | 株式会社アイ・アール ジャパン | Target | 1,680 | 1,530〜1,774 | In range (upper half) |
| 2754-20240809 | 株式会社三菱UFJ銀行 | Target | 810 | 719〜996 | In range (lower half) |
| 5395-20240809 | 山田コンサルティンググループ株式会社 | Target | 5,100 | 4,561〜5,439 | In range (upper half) |
| 6362-20240809 | 株式会社プルータス・コンサルティング | Special committee | 8,364 | 7,666〜8,108 | Above the range |
| 6362-20240809 | 野村證券株式会社 | Target | 8,364 | 2,600〜8,268 | Above the range |
| 6698-20240809 | みずほ証券株式会社 | Target | 1,100 | 1,001〜1,202 | In range (lower half) |
| 4215-20240806 | 株式会社プルータス・コンサルティング | Special committee | 870 | 770〜1,140 | In range (lower half) |
| 4215-20240806 | 大和証券株式会社 | Target | 870 | 674〜1,000 | In range (upper half) |
| 8889-20240805 | 株式会社プルータス・コンサルティング | Target | 729 | 627〜995 | In range (lower half) |
| 7086-20240716 | 野村證券株式会社 | Target | 2,120 | 1,262〜3,079 | In range (lower half) |
| 7647-20240628 | 山田コンサルティンググループ株式会社 | Target | 33 | 27〜33 | In range (upper half) |
| 7676-20240626 | 株式会社プルータス・コンサルティング | Target | 850 | 0〜1,091 | In range (upper half) |
| 5809-20240621 | みずほ証券株式会社 | Target | 780 | 266〜1,044 | In range (upper half) |
| 5809-20240621 | みずほ証券株式会社 | Target | 780 | 413〜861 | In range (upper half) |
| 8155-20240621 | デロイト トーマツ ファイナンシャルアドバイザリー合同会社 | Target | 3,700 | 3,475〜4,349 | In range (lower half) |
| 4348-20240619 | PwCアドバイザリー合同会社 | Target | 6,060 | 4,856〜5,708 | Above the range |
| 4348-20240619 | ビヨンドアーチパートナーズ株式会社 | Target | 6,060 | 4,943〜6,200 | In range (upper half) |
| 4921-20240617 | 株式会社プルータス・コンサルティング | Special committee | 2,800 | 2,149〜3,067 | In range (upper half) |
| 4921-20240617 | UBS証券株式会社 | Target | 2,800 | 2,356〜3,205 | In range (upper half) |
| 6236-20240605 | デロイト トーマツ ファイナンシャルアドバイザリー合同会社 | Special committee | 2,208 | 1,980〜2,396 | In range (upper half) |
| 6236-20240605 | 株式会社アイ・アール ジャパン | Target | 2,208 | 1,934〜2,368 | In range (upper half) |
| 2899-20240604 | 大和証券株式会社 | Target | 3,100 | 1,865〜3,407 | In range (upper half) |
| 6927-20240603 | 株式会社KPMG FAS | Target | 825 | 816〜965 | In range (lower half) |
| 9099-20240603 | 山田コンサルティンググループ株式会社 | Special committee | 5,740 | 2,111〜3,178 | Above the range |
| 9099-20240603 | 株式会社プルータス・コンサルティング | Target | 5,740 | 2,492〜3,232 | Above the range |
| 4781-20240523 | 三菱UFJモルガン・スタンレー証券株式会社 | Target | 1,545 | 1,402〜1,717 | In range (lower half) |
| 9873-20240521 | 三菱UFJモルガン・スタンレー証券株式会社 | Target | 6,500 | 4,590〜5,590 | Above the range |
| 9078-20240516 | 山田コンサルティンググループ株式会社 | Target | 1,460 | 1,254〜1,592 | In range (upper half) |
| 4770-20240514 | G-FAS株式会社 | Target | 430 | 378〜475 | In range (upper half) |
| 2599-20240513 | CPAパートナーズ株式会社 | Target | 2,449 | 1,638〜2,198 | Above the range |
| 4726-20240426 | 株式会社プルータス・コンサルティング | Special committee | 2,950 | 2,327〜3,234 | In range (upper half) |
| 4726-20240426 | 大和証券株式会社 | Target | 2,950 | 2,614〜3,881 | In range (lower half) |
| 4930-20240415 | 株式会社SBI証券 | Target | 3,800 | 3,693〜4,423 | In range (lower half) |
| 9717-20240408 | 株式会社プルータス・コンサルティング | Target | 1,940 | 1,697〜2,126 | In range (upper half) |
| 2651-20240328 | 大和証券株式会社 | Special committee | 10,360 | 7,037〜14,514 | In range (lower half) |
| 2651-20240328 | SMBC日興証券株式会社 | Target | 10,360 | 9,609〜14,907 | In range (lower half) |
| 6938-20240326 | 株式会社KPMG FAS | Target | 480 | 449〜519 | In range (lower half) |
| 4185-20240319 | みずほ証券株式会社 | Target | 4,350 | 2,814〜5,760 | In range (upper half) |
| 4185-20240319 | 三菱UFJモルガン・スタンレー証券株式会社 | Target | 4,350 | 3,761〜4,783 | In range (upper half) |
| 2427-20240228 | 株式会社プルータス・コンサルティング | Special committee | 1,755 | 1,588〜1,975 | In range (lower half) |
| 2427-20240228 | 野村證券株式会社 | Target | 1,755 | 1,517〜2,606 | In range (lower half) |
| 7816-20240221 | デロイト トーマツ ファイナンシャルアドバイザリー合同会社 | Target | 1,250 | 1,155〜1,477 | In range (lower half) |
| 6789-20240213 | 野村證券株式会社 | Target | 5,370 | 2,884〜6,849 | In range (upper half) |
| 2412-20240209 | 三菱UFJモルガン・スタンレー証券株式会社 | Target | 2,173 | 1,818〜2,533 | In range (lower half) |
| 6556-20240209 | 山田コンサルティンググループ株式会社 | Target | 1,089 | 873〜1,118 | In range (upper half) |
| 2812-20240206 | みずほ証券株式会社 | Target | 1,438 | 1,168〜1,837 | In range (lower half) |
| 5781-20240131 | みずほ証券株式会社 | Target | 1,885 | 1,745〜2,738 | In range (lower half) |
| 9783-20240130 | 大和証券株式会社 | Target | 2,600 | 2,121〜2,965 | In range (upper half) |
| 9995-20240130 | みずほ証券株式会社 | Target | 750 | 539〜749 | Above the range |
| 4489-20240125 | PwCアドバイザリー合同会社 | Target | 1,380 | 1,280〜1,655 | In range (lower half) |
| 4636-20240123 | 野村證券株式会社 | Target | 1,410 | 1,076〜1,527 | In range (upper half) |
| 5127-20240122 | 山田コンサルティンググループ株式会社 | Target | 3,250 | 3,110〜4,359 | In range (lower half) |
| 9977-20240109 | 山田コンサルティンググループ株式会社 | Target | 3,800 | 3,175〜3,987 | In range (upper half) |
| 1739-20231225 | 東海東京証券株式会社 | Target | 1,095 | 933〜1,331 | In range (lower half) |
| 6567-20231221 | EYストラテジー・アンド・コンサルティング株式会社 | Target | 877 | 752〜996 | In range (upper half) |
| 1971-20231215 | 株式会社AGSコンサルティング | Target | 750 | 559〜909 | In range (upper half) |
| 8842-20231207 | 株式会社プルータス・コンサルティング | Special committee | 6,720 | 4,891〜9,085 | In range (lower half) |
| 8842-20231207 | 三菱UFJモルガン・スタンレー証券株式会社 | Target | 6,720 | 6,602〜9,363 | In range (lower half) |
| 9637-20231207 | 大和証券株式会社 | Target | 5,000 | 3,080〜5,726 | In range (upper half) |
| 4581-20231127 | 大和証券株式会社 | Target | 8,620 | 8,117〜9,594 | In range (lower half) |
| 5212-20231115 | 株式会社AGS FAS | Target | 1,700 | 1,401〜1,787 | In range (upper half) |
| 2453-20231114 | EYストラテジー・アンド・コンサルティング株式会社 | Target | 1,000 | 872〜1,177 | In range (lower half) |
| 6567-20231114 | EYストラテジー・アンド・コンサルティング株式会社 | Target | 625 | 752〜996 | Below the range |
| 4837-20231113 | 株式会社AGSコンサルティング | Target | 800 | 657〜917 | In range (upper half) |
| 6618-20231113 | 株式会社KPMG FAS | Target | 1,300 | 1,294〜1,666 | In range (lower half) |
| 7315-20231113 | みずほ証券株式会社 | Target | 850 | 556〜839 | Above the range |
| 8854-20231113 | 山田コンサルティンググループ株式会社 | Target | 2,270 | 1,841〜2,608 | In range (upper half) |
| 3784-20231109 | 野村證券株式会社 | Target | 2,020 | 1,826〜3,053 | In range (lower half) |
| 3852-20231109 | 野村證券株式会社 | Target | 1,905 | 1,466〜2,751 | In range (lower half) |
| 4312-20231109 | EYストラテジー・アンド・コンサルティング株式会社 | Target | 1,095 | 941〜1,229 | In range (upper half) |
| 6188-20231109 | 野村證券株式会社 | Target | 615 | 491〜938 | In range (lower half) |
| 2309-20231108 | フーリハン・ローキー株式会社 | Target | 2,650 | 2,475〜2,908 | In range (lower half) |
| 8903-20231107 | 株式会社プルータス・コンサルティング | Target | 1,250 | 956〜1,664 | In range (lower half) |
| 4987-20231031 | 山田コンサルティンググループ株式会社 | Target | 564 | 399〜632 | In range (upper half) |
| 9263-20231010 | 山田コンサルティンググループ株式会社 | Special committee | 200 | 151〜247 | In range (upper half) |
| 9263-20231010 | ベネディ・コンサルティング株式会社 | Target | 200 | 152〜223 | In range (upper half) |
| 7298-20231005 | トラスティーズ・アドバイザリー株式会社 | Special committee | 1,390 | 1,332〜1,779 | In range (lower half) |
| 7298-20231005 | SMBC日興証券株式会社 | Target | 1,390 | 1,375〜2,316 | In range (lower half) |
| 7298-20231005 | 株式会社プルータス・コンサルティング | Target | 1,390 | 1,318〜1,811 | In range (lower half) |
| 8168-20231002 | PwCアドバイザリー合同会社 | Target | 1,300 | 1,166〜1,590 | In range (lower half) |
| 3677-20230928 | トラスティーズ・アドバイザリー株式会社 | Target | 930 | 812〜1,086 | In range (lower half) |
| 6121-20230914 | 大和証券株式会社 | Target | 2,600 | 1,206〜1,385 | Above the range |
| 4963-20230904 | みずほ証券株式会社 | Target | 1,070 | 802〜1,431 | In range (lower half) |
| 4200-20230901 | 株式会社AGS FAS | Target | 1,800 | 1,392〜1,813 | In range (upper half) |
| 3228-20230817 | フロンティア・マネジメント株式会社 | Target | 2,025 | 1,915〜3,025 | In range (lower half) |
| 7671-20230814 | 株式会社プルータス・コンサルティング | Target | 951 | 892〜1,291 | In range (lower half) |
| 7905-20230814 | 大和証券株式会社 | Target | 3,000 | 2,206〜3,477 | In range (upper half) |
| 3316-20230810 | 東京共同会計事務所 | Target | 1,748 | 1,314〜1,724 | Above the range |
| 6881-20230810 | 山田コンサルティンググループ株式会社 | Target | 600 | 397〜750 | In range (upper half) |
| 4621-20230809 | 株式会社プルータス・コンサルティング | Target | 1,415 | 1,253〜1,799 | In range (lower half) |
| 6502-20230808 | UBS証券株式会社 | Special committee | 4,620 | 4,661〜7,333 | Below the range |
| 6502-20230808 | 野村證券株式会社 | Target | 4,620 | 4,171〜7,000 | In range (lower half) |
| 2812-20230807 | フロンティア・マネジメント株式会社 | Target | 1,137 | 1,009〜1,437 | In range (lower half) |
| 4739-20230803 | 株式会社プルータス・コンサルティング | Special committee | 4,325 | 3,916〜4,722 | In range (upper half) |
| 4739-20230803 | 大和証券株式会社 | Target | 4,325 | 3,929〜6,835 | In range (lower half) |
| 4423-20230705 | 大和証券株式会社 | Target | 1,980 | 1,601〜2,748 | In range (lower half) |
| 4423-20230705 | 株式会社産業創成アドバイザリー | Target | 1,980 | 1,640〜2,494 | In range (lower half) |
| 4355-20230615 | 山田コンサルティンググループ株式会社 | Target | 186 | 106〜242 | In range (upper half) |
| 4708-20230530 | SMBC日興証券株式会社 | Target | 1,465 | 1,376〜2,843 | In range (lower half) |
| 7618-20230516 | 株式会社プルータス・コンサルティング | Target | 480 | 445〜616 | In range (lower half) |
| 8303-20230515 | フロンティア・マネジメント株式会社 | Special committee | 2,800 | 2,439〜3,331 | In range (lower half) |
| 8303-20230515 | 三菱UFJモルガン・スタンレー証券株式会社 | Target | 2,800 | 2,479〜3,393 | In range (lower half) |
| 9967-20230515 | SMBC日興証券株式会社 | Target | 4,700 | 4,221〜7,498 | In range (lower half) |
| 2706-20230417 | 株式会社プルータス・コンサルティング | Target | 1,500 | 1,313〜1,638 | In range (upper half) |
| 9810-20230313 | 株式会社プルータス・コンサルティング | Special committee | 9,300 | 5,844〜9,397 | In range (upper half) |
| 9810-20230313 | 野村證券株式会社 | Target | 9,300 | 5,198〜18,938 | In range (lower half) |
| 4327-20230302 | 野村證券株式会社 | Target | 3,550 | 3,322〜5,715 | In range (lower half) |
| 6172-20230214 | 株式会社J-TAPアドバイザリー | Target | 889 | 785〜962 | In range (upper half) |
| 5104-20230213 | 株式会社日本M&Aセンター | Target | 490 | 409〜508 | In range (upper half) |
| 2777-20230210 | 東京共同会計事務所 | Target | 1,220 | 1,158〜1,544 | In range (lower half) |
| 5999-20230209 | 大和証券株式会社 | Target | 2,980 | 2,936〜4,714 | In range (lower half) |
| 6924-20230207 | 野村證券株式会社 | Target | 4,460 | 3,296〜9,350 | In range (lower half) |
| E03672-20230206 | 株式会社KPMG FAS | Target | 2,039 | 9,801〜10,068 | Below the range |
| E03672-20230206 | 株式会社KPMG FAS | Target | 2,039 | 1,366〜2,030 | Above the range |
| 6641-20230203 | 株式会社プルータス・コンサルティング | Special committee | 1,700 | 1,636〜2,009 | In range (lower half) |
| 6641-20230203 | 三菱UFJモルガン・スタンレー証券株式会社 | Target | 1,700 | 1,551〜1,909 | In range (lower half) |
| 8249-20230203 | みずほ証券株式会社 | Target | 1,695 | 827〜2,329 | In range (upper half) |
| 5128-20230201 | トラスティーズ・アドバイザリー株式会社 | Target | 1,502 | 1,333〜1,659 | In range (upper half) |
| 7961-20230130 | みずほ証券株式会社 | Target | 2,250 | 1,880〜3,730 | In range (lower half) |
| 8096-20230130 | 株式会社プルータス・コンサルティング | Special committee | 6,200 | 4,725〜6,794 | In range (upper half) |
| 8096-20230130 | 大和証券株式会社 | Target | 6,200 | 5,668〜6,781 | In range (lower half) |
| 6067-20230127 | 株式会社KPMG FAS | Target | 4,500 | 4,088〜5,015 | In range (lower half) |
| 9422-20221223 | フロンティア・マネジメント株式会社 | Target | 1,911 | 1,750〜1,977 | In range (upper half) |
| 7895-20221221 | EYストラテジー・アンド・コンサルティング株式会社 | Target | 418 | 320〜449 | In range (upper half) |
| 7895-20221115 | EYストラテジー・アンド・コンサルティング株式会社 | Target | 195 | 320〜449 | Below the range |
| 6355-20221114 | みずほ証券株式会社 | Target | 3,650 | 2,867〜5,538 | In range (lower half) |
| 6303-20221111 | 株式会社KPMG FAS | Target | 4,100 | 3,863〜4,061 | Above the range |
| 3966-20221110 | フーリハン・ローキー株式会社 | Target | 1,500 | 1,221〜1,625 | In range (upper half) |
| 5807-20221109 | フロンティア・マネジメント株式会社 | Target | 5,660 | 5,563〜7,817 | In range (lower half) |
| 7339-20221108 | 大和証券株式会社 | Target | 3,550 | 2,619〜3,921 | In range (upper half) |
| 9086-20221028 | UBS証券株式会社 | Target | 8,913 | 3,618〜6,407 | Above the range |
| 9945-20221017 | 山田コンサルティンググループ株式会社 | Target | 2,640 | 2,274〜2,847 | In range (upper half) |
| 5008-20221003 | 野村證券株式会社 | Target | 3,150 | 2,629〜3,578 | In range (upper half) |
| 3906-20220930 | 株式会社プルータス・コンサルティング | Target | 9,180 | 7,477〜9,742 | In range (upper half) |
| E32280-20220929 | 株式会社プルータス・コンサルティング | Target | 127,000 | 97,375〜145,061 | In range (upper half) |
| 5486-20220927 | BofA証券株式会社 | Target | 2,181 | 1,381〜2,542 | In range (upper half) |
| 5486-20220927 | BofA証券株式会社 | Target | 2,181 | 1,497〜2,755 | In range (upper half) |
| 6409-20220926 | 野村證券株式会社 | Target | 2,725 | 1,886〜3,974 | In range (lower half) |
| 9964-20220908 | みずほ証券株式会社 | Target | 2,700 | 2,490〜3,931 | In range (lower half) |
| 4653-20220902 | みずほ証券株式会社 | Target | 1,500 | 977〜1,692 | In range (upper half) |
| 6175-20220812 | デロイト トーマツ ファイナンシャルアドバイザリー合同会社 | Special committee | 900 | 833〜1,006 | In range (lower half) |
| 6175-20220812 | 株式会社SBI証券 | Target | 900 | 848〜1,032 | In range (lower half) |
| 8909-20220812 | クレディ・スイス証券株式会社 | Target | 1,600 | 1,285〜1,748 | In range (upper half) |
| 3578-20220809 | 株式会社AGSコンサルティング | Target | 430 | 338〜445 | In range (upper half) |
| 6826-20220801 | 大和証券株式会社 | Target | 705 | 648〜800 | In range (lower half) |
| 3919-20220629 | 野村證券株式会社 | Target | 2,800 | 2,557〜3,151 | In range (lower half) |
| 6815-20220624 | 株式会社プルータス・コンサルティング | Target | 4,100 | 3,798〜5,204 | In range (lower half) |
| 4550-20220617 | みずほ証券株式会社 | Target | 1,714 | 1,467〜2,051 | In range (lower half) |
| 5964-20220606 | みずほ証券株式会社 | Target | 2,254 | 1,565〜2,943 | In range (upper half) |
| 2176-20220602 | 株式会社Stand by C | Target | 900 | 881〜1,211 | In range (lower half) |
| 2773-20220523 | 株式会社KPMG FAS | Target | 1,800 | 1,638〜1,890 | In range (upper half) |
| 9375-20220516 | デロイト トーマツ ファイナンシャルアドバイザリー合同会社 | Special committee | 4,175 | 3,589〜4,821 | In range (lower half) |
| 9375-20220516 | 大和証券株式会社 | Target | 4,175 | 3,483〜4,917 | In range (lower half) |
| E32867-20220513 | マクサス・コーポレートアドバイザリー株式会社 | Target | 115,000 | 86,741〜91,907 | Above the range |
| 7945-20220511 | PwCアドバイザリー合同会社 | Target | 2,100 | 1,928〜2,408 | In range (lower half) |
| 9641-20220511 | トラスティーズ・アドバイザリー株式会社 | Target | 432 | 404〜530 | In range (lower half) |
| 5387-20220426 | 株式会社三菱UFJ銀行 | Target | 605 | 525〜789 | In range (lower half) |
| 2178-20220413 | フロンティア・マネジメント株式会社 | Target | 565 | 556〜709 | In range (lower half) |
| 2159-20220412 | 株式会社アイ・アール ジャパン | Target | 551 | 531〜692 | In range (lower half) |
| 1890-20220323 | フーリハン・ローキー株式会社 | Special committee | 770 | 715〜860 | In range (lower half) |
| 1890-20220323 | 三菱UFJモルガン・スタンレー証券株式会社 | Target | 770 | 753〜906 | In range (lower half) |
| 1352-20220301 | SMBC日興証券株式会社 | Target | 1,220 | 1,094〜1,860 | In range (lower half) |
| 6553-20220210 | みずほ証券株式会社 | Target | 1,809 | 1,263〜1,592 | Above the range |
| 6916-20220210 | フロンティア・マネジメント株式会社 | Target | 1,300 | 909〜1,616 | In range (upper half) |
| 2406-20220208 | トラスティーズ・アドバイザリー株式会社 | Target | 685 | 605〜747 | In range (upper half) |
| 9077-20220208 | 株式会社三菱UFJ銀行 | Target | 3,500 | 2,274〜4,983 | In range (lower half) |
| 4962-20220207 | 山田コンサルティンググループ株式会社 | Target | 1,730 | 1,407〜1,824 | In range (upper half) |
| 6639-20220207 | みずほ証券株式会社 | Target | 2,700 | 1,878〜3,436 | In range (upper half) |
| 7045-20220207 | 山田コンサルティンググループ株式会社 | Target | 1,705 | 1,654〜2,172 | In range (lower half) |
| 8293-20220207 | 株式会社KPMG FAS | Target | 2,800 | 2,512〜3,196 | In range (lower half) |
| 2729-20220201 | 野村證券株式会社 | Target | 2,560 | 2,203〜3,754 | In range (lower half) |
| 9695-20220124 | フロンティア・マネジメント株式会社 | Target | 290 | 78〜292 | In range (upper half) |
| 7365-20220119 | 株式会社プルータス・コンサルティング | Target | 730 | 570〜893 | In range (lower half) |
| 8922-20211228 | みずほ証券株式会社 | Target | 164 | 139〜202 | In range (lower half) |
| 1737-20211227 | 株式会社アイ・アール ジャパン | Target | 1,320 | 1,157〜1,353 | In range (upper half) |
| 5358-20211224 | 大和証券株式会社 | Target | 1,200 | 1,082〜1,394 | In range (lower half) |
| E35134-20211217 | デロイト トーマツ ファイナンシャルアドバイザリー合同会社 | Target | 3,719,700 | 22,405〜25,790 | Above the range |
| 4336-20211213 | 山田コンサルティンググループ株式会社 | Target | 910 | 799〜938 | In range (upper half) |
| 9695-20211213 | フロンティア・マネジメント株式会社 | Target | 120 | 78〜292 | In range (lower half) |
| 4699-20211206 | みずほ証券株式会社 | Target | 4,130 | 3,374〜5,790 | In range (lower half) |
| 8806-20211201 | 株式会社プルータス・コンサルティング | Special committee | 2,200 | 1,602〜2,911 | In range (lower half) |
| 8806-20211201 | 野村證券株式会社 | Target | 2,200 | 1,211〜2,448 | In range (upper half) |
| 9358-20211201 | 山田コンサルティンググループ株式会社 | Special committee | 725 | 540〜877 | In range (upper half) |
| 9358-20211201 | 野村證券株式会社 | Target | 725 | 630〜1,239 | In range (lower half) |
| 6575-20211116 | 株式会社G&Sソリューションズ | Target | 915 | 823〜967 | In range (upper half) |
| 1448-20211115 | 株式会社プルータス・コンサルティング | Target | 1,150 | 925〜1,329 | In range (upper half) |
| 7758-20211115 | 株式会社ストリーム | Target | 3,400 | 2,530〜3,520 | In range (upper half) |
| 1881-20211112 | 山田コンサルティンググループ株式会社 | Special committee | 4,000 | 3,319〜4,685 | In range (lower half) |
| 1881-20211112 | みずほ証券株式会社 | Target | 4,000 | 3,402〜4,466 | In range (upper half) |
| 7862-20211111 | 大和証券株式会社 | Target | 1,550 | 1,477〜2,038 | In range (lower half) |
| 7597-20211110 | 山田コンサルティンググループ株式会社 | Target | 2,575 | 1,646〜3,033 | In range (upper half) |
| 3001-20211109 | ベネディ・コンサルティング株式会社 | Special committee | 2,150 | 1,549〜2,046 | Above the range |
| 3001-20211109 | 株式会社KPMG FAS | Target | 2,150 | 1,358〜1,914 | Above the range |
| 6271-20211109 | 株式会社プルータス・コンサルティング | Special committee | 1,500 | 1,238〜1,619 | In range (upper half) |
| 6271-20211109 | SMBC日興証券株式会社 | Target | 1,500 | 1,320〜1,772 | In range (lower half) |
| E05357-20211019 | 株式会社グローバル・パートナーズ・コンサルティング | Target | 182,000 | 158,902〜194,213 | In range (upper half) |
| 2230-20211018 | 東京フィナンシャル・アドバイザーズ株式会社 | Target | 879 | 704〜860 | Above the range |
| 3658-20211001 | 大和証券株式会社 | Target | 4,750 | 4,043〜5,814 | In range (lower half) |
| 3919-20211001 | 野村證券株式会社 | Target | 2,800 | 2,520〜3,037 | In range (upper half) |
Where the price landed: acquirer-side and target-side DCF ranges
Deals with a DCF value per share on both the acquirer side and the target side. Each range is shown relative to the offer price (0% = offer price). The target side uses the target's valuer, or the special committee's if the target has none. Where one side has several valuations, the overall low to high is used. Take-privates only.
Of 193 deals, the offer price exceeded the top of the acquirer-side range in 10 and fell below the bottom of the target-side range in 3.
Acquirer side Target's valuerSpecial committee's valuer
| Offer price position | Below the range | In range (lower half) | In range (upper half) | Above the range |
|---|---|---|---|---|
| vs the acquirer-side range | 6 | 72 | 105 | 10 |
| vs the target-side range | 3 | 93 | 80 | 17 |
Show as table
| Target | Offer price | Acquirer side | Target |
|---|---|---|---|
| The Kodensha,Co.,Ltd. | ¥11,501 | ¥8,365 〜 ¥11,437 | ¥3,302 〜 ¥4,013 |
| Chilled & Frozen Logistics Holdings Co.,Ltd. | ¥5,740 | ¥2,672 〜 ¥6,402 | ¥2,492 〜 ¥3,232 |
| DOMY CO.,LTD. | ¥1,917 | ¥1,709 〜 ¥2,434 | ¥616 〜 ¥1,310 |
| e'grand Co.,Ltd | ¥4,858 | ¥3,849 〜 ¥5,130 | ¥2,010 〜 ¥3,463 |
| PACIFIC INDUSTRIAL CO.,LTD. | ¥3,036 | ¥2,904 〜 ¥4,670 | ¥1,594 〜 ¥2,453 |
| SHIBAURA ELECTRONICS CO.,LTD. | ¥7,130 | ¥4,116 〜 ¥6,300 | ¥3,355 〜 ¥6,428 |
| Medical Data Vision Co., Ltd. | ¥1,693 | ¥1,090 〜 ¥1,575 | ¥1,006 〜 ¥1,437 |
| CHUOH PACK INDUSTRY CO.,LTD. | ¥5,034 | ¥4,356 〜 ¥4,975 | ¥2,629 〜 ¥4,817 |
| Japan Renewable Energy Infrastructure Investment Corporation | ¥115,000 | ¥109,099 〜 ¥119,091 | ¥86,741 〜 ¥91,907 |
| TRUST CO., LTD. | ¥410 | ¥88 〜 ¥611 | ¥219 〜 ¥426 |
| SoldOut, Inc. | ¥1,809 | ¥1,284 〜 ¥2,579 | ¥1,263 〜 ¥1,592 |
| Raysum Co., Ltd. | ¥5,913 | ¥4,757 〜 ¥6,782 | ¥3,502 〜 ¥5,918 (committee) |
| SUMITOMO DENSETSU CO.,LTD. | ¥9,760 | ¥6,612 〜 ¥8,692 | ¥7,262 〜 ¥8,675 |
| Osaka Yuka Industry Co., Ltd. | ¥3,201 | ¥2,471 〜 ¥3,367 | ¥1,798 〜 ¥3,442 |
| Shiai Medical Co., Ltd. | ¥1,500 | ¥1,198 〜 ¥1,588 | ¥901 〜 ¥1,583 |
| MONEY PARTNERS GROUP CO,.LTD. | ¥475 | ¥346 〜 ¥506 | ¥348 〜 ¥441 |
| DAIBIRU CORPORATION | ¥2,200 | ¥1,239 〜 ¥2,813 | ¥1,211 〜 ¥2,448 |
| BEENOS Inc. | ¥4,000 | ¥3,805 〜 ¥4,934 | ¥2,908 〜 ¥3,755 |
| TATSUTA ELECTRIC WIRE AND CABLE CO.,LTD | ¥780 | ¥570 〜 ¥929 | ¥266 〜 ¥1,044 |
| JAPAN RESISTOR MFG.CO.,LTD. | ¥1,901 | ¥1,315 〜 ¥1,992 | ¥1,181 〜 ¥2,019 |
| MARUWN CORPORATION | ¥949 | ¥673 〜 ¥1,099 | ¥644 〜 ¥962 |
| TAKARA BIO INC. | ¥1,150 | ¥1,008 〜 ¥1,395 | ¥777 〜 ¥1,171 |
| ALBIS Co.,Ltd. | ¥3,780 | ¥3,243 〜 ¥4,291 | ¥2,311 〜 ¥4,148 |
| LeTech Corporation | ¥1,500 | ¥831 〜 ¥1,146 | ¥933 〜 ¥1,642 |
| Glosel Co., Ltd. | ¥750 | ¥558 〜 ¥1,335 | ¥539 〜 ¥749 |
| AEON DELIGHT CO., LTD. | ¥5,400 | ¥4,478 〜 ¥6,303 | ¥3,416 〜 ¥5,862 |
| Nippon Dry-Chemical CO.,LTD. | ¥3,730 | ¥2,716 〜 ¥4,026 | ¥2,700 〜 ¥3,735 |
| TOYOTA INDUSTRIES CORPORATION | ¥20,600 | ¥17,551 〜 ¥21,050 | ¥14,111 〜 ¥21,463 |
| TCS Inc. | ¥1,748 | ¥1,627 〜 ¥1,892 | ¥1,314 〜 ¥1,724 |
| OS Co., Ltd. | ¥5,000 | ¥1,289 〜 ¥5,367 | ¥3,080 〜 ¥5,726 |
| PALTAC CORPORATION | ¥6,650 | ¥5,102 〜 ¥8,056 | ¥4,950 〜 ¥6,776 |
| Silver Egg Technology CO.,Ltd. | ¥770 | ¥684 〜 ¥710 | ¥649 〜 ¥717 |
| GOYO foods Industry Co., Ltd. | ¥879 | ¥816 〜 ¥1,133 | ¥704 〜 ¥860 |
| HIBIYA COMPUTER SYSTEM CO.,LTD. | ¥1,800 | ¥1,649 〜 ¥2,045 | ¥1,392 〜 ¥1,813 |
| Fuji Oil Company, Ltd. | ¥480 | ¥335 〜 ¥617 | ¥217 〜 ¥638 |
| ASO FOAM CRETE Co.,Ltd. | ¥680 | ¥534 〜 ¥735 | ¥396 〜 ¥828 |
| SUNDAY CO.,LTD. | ¥1,280 | ¥524 〜 ¥1,480 | ¥933 〜 ¥1,394 |
| ONTSU Co.,Ltd. | ¥33 | ¥29.3 〜 ¥36.16 | ¥27 〜 ¥33 |
| WOOD FRIENDS CO.,Ltd. | ¥1,720 | ¥1,287 〜 ¥2,093 | ¥935 〜 ¥2,200 |
| TOYO CONSTRUCTION CO.,LTD. | ¥1,750 | ¥1,166 〜 ¥2,164 | ¥1,336 〜 ¥1,854 |
| Renewable Japan Co., Ltd. | ¥1,250 | ¥994 〜 ¥1,499 | ¥945 〜 ¥1,350 |
| CHUO KAGAKU CO.,LTD. | ¥418 | ¥256 〜 ¥343 | ¥320 〜 ¥449 |
| SEED CO.,LTD. | ¥795 | ¥502 〜 ¥856 | ¥504 〜 ¥960 |
| Ipet Holdings, Inc. | ¥3,550 | ¥2,883 〜 ¥3,925 | ¥2,619 〜 ¥3,921 |
| Techno Associe Co., Ltd. | ¥1,695 | ¥1,268 〜 ¥2,836 | ¥827 〜 ¥2,329 |
| DNA Chip Reserch Inc. | ¥1,100 | ¥855 〜 ¥1,229 | ¥779 〜 ¥1,275 |
| EcoNaviSta, Inc. | ¥2,190 | ¥1,944 〜 ¥3,262 | ¥1,812 〜 ¥2,286 |
| NITTOKAKO CO.,LTD. | ¥490 | ¥378 〜 ¥512 | ¥409 〜 ¥508 |
| ALBERT Inc. | ¥9,180 | ¥9,349 〜 ¥11,829 | ¥7,477 〜 ¥9,742 |
| Daiseki Eco. Solution Co.,Ltd. | ¥1,850 | ¥1,392 〜 ¥2,146 | ¥1,583 〜 ¥1,894 |
| Ashimori Industry Co.,Ltd | ¥4,140 | ¥3,430 〜 ¥4,991 | ¥3,053 〜 ¥4,732 |
| Yamadai Corporation | ¥601 | ¥162 〜 ¥673 | ¥383 〜 ¥751 |
| DESCENTE,LTD. | ¥4,350 | ¥3,589 〜 ¥4,607 | ¥3,373 〜 ¥4,851 |
| DAIKEN CORPORATION | ¥3,000 | ¥2,384 〜 ¥4,309 | ¥2,206 〜 ¥3,477 |
| CANON ELECTRONICS INC. | ¥3,650 | ¥2,717 〜 ¥4,044 | ¥2,572 〜 ¥4,345 |
| TORII PHARMACEUTICAL CO., LTD. | ¥6,350 | ¥4,740 〜 ¥6,358 | ¥4,979 〜 ¥7,080 |
| SBI FinTech Solutions Co., Ltd. | ¥5,000 | ¥4,897 〜 ¥5,381 | ¥4,233 〜 ¥5,268 |
| CAREER BANK CO.,LTD | ¥1,755 | ¥1,531 〜 ¥1,845 | ¥1,503 〜 ¥1,833 |
| MESCO,Inc. | ¥1,320 | ¥767 〜 ¥1,458 | ¥1,157 〜 ¥1,353 |
| Newtech Co., Ltd. | ¥2,650 | ¥2,341 〜 ¥2,850 | ¥2,318 〜 ¥2,723 |
| Tohoku Steel Co.,Ltd. | ¥4,491 | ¥3,354 〜 ¥4,549 | ¥3,890 〜 ¥4,654 |
| Japan Infrastructure Fund Investment Corporation | ¥67,000 | ¥56,138 〜 ¥70,786 | ¥57,426 〜 ¥70,193 |
| CRIE ANABUKI INC. | ¥910 | ¥862 〜 ¥1,002 | ¥799 〜 ¥938 |
| Takara Leben Infrastructure Fund, Inc. | ¥127,000 | ¥120,753 〜 ¥127,892 | ¥97,375 〜 ¥145,061 |
| ITOCHU-SHOKUHIN Co., Ltd. | ¥13,000 | ¥9,300 〜 ¥14,256 | ¥11,319 〜 ¥13,606 |
| nms Holdings Corporation | ¥540 | ¥330 〜 ¥604 | ¥449 〜 ¥587 |
| C.I. TAKIRON Corporation | ¥870 | ¥693 〜 ¥953 | ¥674 〜 ¥1,000 |
| Edge Technology Co., Ltd. | ¥841 | ¥727 〜 ¥1,146 | ¥640 〜 ¥988 |
| AGRO-KANESHO CO.,LTD. | ¥1,900 | ¥1,786 〜 ¥2,228 | ¥1,581 〜 ¥2,099 |
| JAPAN PUBLICATIONS TRADING CO., LTD. | ¥4,000 | ¥3,586 〜 ¥4,460 | ¥3,503 〜 ¥4,253 |
| Sumitomo Riko Company Limited | ¥2,600 | ¥2,222 〜 ¥3,627 | ¥2,040 〜 ¥3,005 |
| Nousouken Corporation | ¥767 | ¥606 〜 ¥929 | ¥665 〜 ¥825 |
| Integrated Design & Engineering Holdings Co.,Ltd. | ¥6,500 | ¥5,778 〜 ¥7,199 | ¥4,876 〜 ¥7,762 |
| SCSK Corporation | ¥5,700 | ¥3,662 〜 ¥6,133 | ¥4,356 〜 ¥6,749 |
| CONEXIO Corporation | ¥1,911 | ¥1,710 〜 ¥2,156 | ¥1,750 〜 ¥1,977 |
| HUMAN ASSOCIATES HOLDINGS, Inc. | ¥915 | ¥740 〜 ¥952 | ¥823 〜 ¥967 |
| CHUO BUILD INDUSTRY CO.,LTD. | ¥750 | ¥552 〜 ¥1,047 | ¥559 〜 ¥909 |
| Global Information, Inc. | ¥1,680 | ¥1,564 〜 ¥1,857 | ¥1,562 〜 ¥1,729 |
| Riken Corundum Company Limited | ¥5,100 | ¥3,883 〜 ¥8,034 | ¥4,561 〜 ¥5,439 |
| BrainPad Inc. | ¥2,706 | ¥2,344 〜 ¥3,608 | ¥2,083 〜 ¥3,225 |
| PRESSANCE CORPORATION | ¥2,390 | ¥1,962 〜 ¥3,410 | ¥2,057 〜 ¥2,642 |
| CDG Co.,Ltd. | ¥1,680 | ¥1,616 〜 ¥1,834 | ¥1,530 〜 ¥1,774 |
| BROCCOLI Co., Ltd. | ¥1,500 | ¥1,288 〜 ¥1,531 | ¥1,313 〜 ¥1,638 |
| Contec Co., Ltd. | ¥2,700 | ¥2,000 〜 ¥3,696 | ¥1,878 〜 ¥3,436 |
| Toyo Sugar Refining Co., Ltd. | ¥2,080 | ¥1,769 〜 ¥2,240 | ¥1,844 〜 ¥2,251 |
| TOA OIL COMPANY,LIMITED | ¥3,150 | ¥1,850 〜 ¥3,287 | ¥2,629 〜 ¥3,578 |
| JASTEC Co.,Ltd. | ¥1,940 | ¥1,814 〜 ¥2,008 | ¥1,697 〜 ¥2,126 |
| KYOEI SANGYO CO.,LTD. | ¥3,950 | ¥3,373 〜 ¥4,239 | ¥3,213 〜 ¥4,609 |
| Cybernet Systems Co.,Ltd. | ¥1,095 | ¥1,016 〜 ¥1,287 | ¥941 〜 ¥1,229 |
| Zuken Elmic Co., Ltd. | ¥430 | ¥332 〜 ¥442 | ¥378 〜 ¥475 |
| SUMIKEN MITSUI ROAD CO.,LTD. | ¥2,000 | ¥1,922 〜 ¥2,411 | ¥1,823 〜 ¥2,147 |
| FANCL CORPORATION | ¥2,800 | ¥2,391 〜 ¥3,529 | ¥2,356 〜 ¥3,205 |
| S-Life Partners Co., Ltd. | ¥877 | ¥707 〜 ¥865 | ¥752 〜 ¥996 |
| Net One Systems Co.,Ltd. | ¥4,500 | ¥3,818 〜 ¥5,046 | ¥4,026 〜 ¥4,944 |
| DIGITAL HOLDINGS,INC. | ¥2,015 | ¥1,732 〜 ¥2,073 | ¥1,909 〜 ¥2,116 |
| kainos loboratories,inc | ¥2,285 | ¥2,002 〜 ¥2,649 | ¥1,735 〜 ¥2,835 |
| TOYO KNIFE CO., LTD. | ¥2,254 | ¥1,377 〜 ¥2,267 | ¥1,565 〜 ¥2,943 |
| Benefit One Inc. | ¥2,173 | ¥1,393 〜 ¥2,195 | ¥1,818 〜 ¥2,533 |
| ViSCO Technologies Corporation | ¥1,100 | ¥675 〜 ¥1,447 | ¥1,001 〜 ¥1,202 |
| KAWAMOTO CORPORATION | ¥1,200 | ¥991 〜 ¥1,282 | ¥960 〜 ¥1,446 |
| RYOMO SYSTEMS CO.,LTD. | ¥5,200 | ¥4,787 〜 ¥7,828 | ¥4,366 〜 ¥6,071 |
| KANEMATSU ELECTRONICS LTD. | ¥6,200 | ¥5,683 〜 ¥6,694 | ¥5,668 〜 ¥6,781 |
| Jmty, Inc. | ¥1,420 | ¥1,006 〜 ¥1,426 | ¥1,226 〜 ¥1,626 |
| Kintetsu World Express, Inc. | ¥4,175 | ¥3,446 〜 ¥5,664 | ¥3,483 〜 ¥4,917 |
| KROSAKI HARIMA CORPORATION | ¥4,200 | ¥2,819 〜 ¥4,480 | ¥3,063 〜 ¥5,397 |
| CARTA HOLDINGS, INC. | ¥2,100 | ¥1,797 〜 ¥2,405 | ¥1,849 〜 ¥2,382 |
| WealthNavi Inc. | ¥1,950 | ¥1,573 〜 ¥2,153 | ¥1,440 〜 ¥2,491 |
| UUUM co.,ltd | ¥532 | ¥488 〜 ¥694 | ¥461 〜 ¥615 |
| KHC Ltd. | ¥1,127 | ¥952 〜 ¥1,566 | ¥909 〜 ¥1,371 |
| Nissin Electric Co., Ltd. | ¥1,700 | ¥1,463 〜 ¥1,925 | ¥1,551 〜 ¥1,909 |
| Br.Holdings Corporation | ¥530 | ¥405 〜 ¥679 | ¥383 〜 ¥696 |
| THE NIPPON ROAD CO.,LTD. | ¥2,520 | ¥1,851 〜 ¥3,021 | ¥1,996 〜 ¥3,135 |
| CIRCULATION Co.,Ltd. | ¥901 | ¥848 〜 ¥1,115 | ¥840 〜 ¥996 |
| Shinko Shoji Co.,Ltd. | ¥1,580 | ¥1,432 〜 ¥1,724 | ¥1,358 〜 ¥1,874 |
| KIZUNA HOLDINGS Corp. | ¥2,120 | ¥1,664 〜 ¥2,561 | ¥1,262 〜 ¥3,079 |
| Nissui Pharmaceutical Co., Ltd. | ¥1,714 | ¥1,501 〜 ¥2,095 | ¥1,467 〜 ¥2,051 |
| HONDA TSUSHIN KOGYO CO.,LTD. | ¥705 | ¥608 〜 ¥916 | ¥648 〜 ¥800 |
| Nissei Co., Ltd. | ¥1,500 | ¥1,112 〜 ¥1,643 | ¥1,320 〜 ¥1,772 |
| Isolite Insulating Products Co., Ltd. | ¥1,200 | ¥1,115 〜 ¥1,449 | ¥1,082 〜 ¥1,394 |
| Ascot Corp. | ¥260 | ¥129 〜 ¥428 | ¥230 〜 ¥307 (committee) |
| Meldia DC Co., Ltd. | ¥1,095 | ¥397 〜 ¥2,224 | ¥933 〜 ¥1,331 |
| PACIFIC SYSTEMS CORPORATION | ¥6,850 | ¥5,713 〜 ¥8,827 | ¥6,461 〜 ¥7,736 |
| Meitetsu Transportation Co.,Ltd. | ¥3,500 | ¥2,584 〜 ¥4,951 | ¥2,274 〜 ¥4,983 |
| Japan Asset Marketing Co.,Ltd. | ¥164 | ¥117 〜 ¥185 | ¥139 〜 ¥202 |
| SBI Sumishin Net Bank, Ltd. | ¥4,900 | ¥2,704 〜 ¥5,193 | ¥4,398 〜 ¥5,871 |
| Sunwood Corporation | ¥1,250 | ¥859 〜 ¥1,382 | ¥956 〜 ¥1,664 |
| SBI Shinsei Bank, Limited | ¥2,800 | ¥2,078 〜 ¥3,358 | ¥2,479 〜 ¥3,393 |
| Yasue Komuten Co., Ltd. | ¥2,150 | ¥1,784 〜 ¥4,104 | ¥1,974 〜 ¥2,535 |
| NTT DATA GROUP CORPORATION | ¥4,000 | ¥2,655 〜 ¥4,952 | ¥2,768 〜 ¥5,626 |
| Elematec Corporation | ¥2,400 | ¥1,715 〜 ¥2,771 | ¥2,327 〜 ¥2,712 |
| STORAGE-OH Co.,Ltd. | ¥1,340 | ¥945 〜 ¥1,895 | ¥1,091 〜 ¥1,724 |
| MIMASU SEMICONDUCTOR INDUSTRY CO., LTD. | ¥3,700 | ¥3,098 〜 ¥4,304 | ¥3,475 〜 ¥4,349 |
| The Global Ltd. | ¥1,280 | ¥948 〜 ¥1,329 | ¥1,148 〜 ¥1,559 |
| Anshin Guarantor Service Co.,Ltd. | ¥257 | ¥239 〜 ¥304 | ¥240 〜 ¥304 |
| TOKATSU HOLDINGS CO.,LTD. | ¥810 | ¥741 〜 ¥984 | ¥719 〜 ¥996 |
| Keiyo Co.,Ltd | ¥1,300 | ¥710 〜 ¥1,508 | ¥1,166 〜 ¥1,590 |
| GIGAPRIZE CO.,LTD. | ¥2,500 | ¥2,199 〜 ¥2,783 | ¥2,330 〜 ¥2,980 |
| SUIDO KIKO KAISHA,LTD | ¥4,050 | ¥3,153 〜 ¥4,218 | ¥3,564 〜 ¥5,065 |
| TOYO CONSTRUCTION CO.,LTD. | ¥770 | ¥700 〜 ¥1,058 | ¥753 〜 ¥906 |
| MUTOH HOLDINGS CO., LTD. | ¥7,626 | ¥6,747 〜 ¥8,114 | ¥6,309 〜 ¥10,133 |
| Helios Techno Holding Co.,Ltd. | ¥825 | ¥797 〜 ¥971 | ¥816 〜 ¥965 |
| SACOS CORPORATION | ¥432 | ¥140 〜 ¥545 | ¥404 〜 ¥530 |
| FUJITSU GENERAL LIMITED | ¥2,808 | ¥1,809 〜 ¥3,223 | ¥2,403 〜 ¥3,691 |
| NAKAYO, INC. | ¥2,550 | ¥1,900 〜 ¥2,836 | ¥2,435 〜 ¥3,106 |
| Tonami Holdings Co.,Ltd. | ¥10,200 | ¥7,075 〜 ¥12,195 | ¥8,639 〜 ¥13,585 |
| Sanyo Special Steel Co.,Ltd. | ¥2,750 | ¥1,933 〜 ¥2,791 | ¥2,410 〜 ¥3,591 |
| ARTERIA Networks Corporation | ¥1,980 | ¥1,269 〜 ¥2,348 | ¥1,601 〜 ¥2,748 |
| SB Technology Corp. | ¥2,950 | ¥1,992 〜 ¥3,516 | ¥2,614 〜 ¥3,881 |
| WACUL.INC | ¥502 | ¥431 〜 ¥629 | ¥495 〜 ¥612 |
| PC DEPOT CORPORATION | ¥480 | ¥426 〜 ¥523 | ¥445 〜 ¥616 |
| Cybercom Co., Ltd. | ¥1,905 | ¥1,593 〜 ¥2,385 | ¥1,466 〜 ¥2,751 |
| CASSINA IXC. Ltd. | ¥1,220 | ¥1,135 〜 ¥1,366 | ¥1,158 〜 ¥1,544 |
| ECONOS Co., Ltd | ¥1,410 | ¥1,085 〜 ¥1,723 | ¥1,309 〜 ¥1,815 |
| UCHIDA ESCO Co.,Ltd. | ¥4,130 | ¥3,393 〜 ¥5,213 | ¥3,374 〜 ¥5,790 |
| Full Speed Inc. | ¥551 | ¥489 〜 ¥734 | ¥531 〜 ¥692 |
| KOKEN BORING MACHINE CO., LTD. | ¥764 | ¥646 〜 ¥892 | ¥334 〜 ¥1,363 |
| OutlookConsulting Co., Ltd. | ¥1,800 | ¥1,217 〜 ¥2,316 | ¥1,528 〜 ¥2,489 |
| CHITAKOGYO CO.,LTD. | ¥2,010 | ¥1,317 〜 ¥2,709 | ¥1,904 〜 ¥2,592 |
| TOPPAN Edge Inc. | ¥1,550 | ¥1,178 〜 ¥1,657 | ¥1,477 〜 ¥2,038 |
| LAC Co.,Ltd. | ¥1,160 | ¥978 〜 ¥1,308 | ¥1,021 〜 ¥1,619 |
| OHIZUMI MFG.CO.,LTD. | ¥1,300 | ¥770 〜 ¥1,156 | ¥1,294 〜 ¥1,666 |
| AmidA Holdings Co., Ltd. | ¥951 | ¥845 〜 ¥1,074 | ¥892 〜 ¥1,291 |
| GUPPY's Inc. | ¥3,250 | ¥2,665 〜 ¥4,060 | ¥3,110 〜 ¥4,359 |
| Sumitomo Precision Products Co., Ltd. | ¥3,650 | ¥1,864 〜 ¥4,856 | ¥2,867 〜 ¥5,538 |
| Fuji Soft Service Bureau Co., Ltd. | ¥615 | ¥616 〜 ¥760 | ¥491 〜 ¥938 |
| Ina Research Inc. | ¥900 | ¥749 〜 ¥1,027 | ¥881 〜 ¥1,211 |
| JALUX Inc. | ¥2,560 | ¥2,250 〜 ¥2,811 | ¥2,203 〜 ¥3,754 |
| NEC Networks & System Integration Corporation | ¥3,300 | ¥2,750 〜 ¥3,373 | ¥3,073 〜 ¥4,688 |
| Lawson,Inc. | ¥10,360 | ¥9,711 〜 ¥13,038 | ¥9,609 〜 ¥14,907 |
| TOKYO RAKUTENCHI CO.,LTD. | ¥6,720 | ¥4,928 〜 ¥7,496 | ¥6,602 〜 ¥9,363 |
| PASCO CORPORATION | ¥2,140 | ¥1,982 〜 ¥2,679 | ¥1,770 〜 ¥3,316 |
| CRE, Inc. | ¥1,700 | ¥864 〜 ¥2,717 | ¥1,159 〜 ¥2,896 |
| Mitsubishi Shokuhin Co., Ltd. | ¥6,340 | ¥4,232 〜 ¥9,318 | ¥5,571 〜 ¥9,565 |
| VINX Corporation | ¥2,020 | ¥1,881 〜 ¥3,229 | ¥1,826 〜 ¥3,053 |
| HOHSUI CORPORATION | ¥1,220 | ¥1,003 〜 ¥1,503 | ¥1,094 〜 ¥1,860 |
| MELDIA CO.,LTD. | ¥2,025 | ¥1,579 〜 ¥4,418 | ¥1,915 〜 ¥3,025 |
| TAIYO KOKI CO.,LTD. | ¥1,875 | ¥1,503 〜 ¥2,043 | ¥1,612 〜 ¥2,983 |
| Sumitomo Mitsui Construction Co.,Ltd. | ¥600 | ¥463 〜 ¥696 | ¥481 〜 ¥993 |
| SUNNY SIDE UP GROUP Inc. | ¥1,320 | ¥1,111 〜 ¥1,395 | ¥1,313 〜 ¥1,933 |
| ITOCHU Techno-Solutions Corporation | ¥4,325 | ¥3,635 〜 ¥4,605 | ¥3,929 〜 ¥6,835 |
| Sakai Shoji Co., Ltd. | ¥4,700 | ¥4,040 〜 ¥4,834 | ¥4,221 〜 ¥7,498 |
| KANEMATSU SUSTECH CORPORATION | ¥2,250 | ¥2,065 〜 ¥2,638 | ¥1,880 〜 ¥3,730 |
| Matsuya R&D Co.,Ltd | ¥1,110 | ¥833 〜 ¥1,222 | ¥886 〜 ¥1,951 |
| Utoc Corporation | ¥725 | ¥605 〜 ¥769 | ¥630 〜 ¥1,239 |
| NIPPON STEEL TRADING CORPORATION | ¥9,300 | ¥6,429 〜 ¥11,556 | ¥5,198 〜 ¥18,938 |
| YACHIYO INDUSTRY CO., LTD. | ¥1,390 | ¥1,272 〜 ¥1,684 | ¥1,318 〜 ¥2,316 |
| LEOPALACE21CORPORATION | ¥1,000 | ¥1,134 〜 ¥1,322 | ¥945 〜 ¥1,806 |
| S-Life Partners Co., Ltd. | ¥625 | ¥707 〜 ¥865 | ¥752 〜 ¥996 |
| Relia,Inc. | ¥1,465 | ¥1,233 〜 ¥2,339 | ¥1,376 〜 ¥2,843 |
| Alleanza Holdings Co., Ltd. | ¥1,465 | ¥1,067 〜 ¥1,637 | ¥1,460 〜 ¥3,421 |
| LeTech Corporation | ¥686 | ¥831 〜 ¥1,146 | ¥933 〜 ¥1,642 |
| CHUO KAGAKU CO.,LTD. | ¥195 | ¥256 〜 ¥343 | ¥320 〜 ¥449 |
| THE KANAGAWA BANK, LTD. | ¥2,039 | ¥1,519 〜 ¥2,039 | ¥1,366 〜 ¥10,068 |
Valuer league table
Number of deals each valuer worked on. A deal counts once even if the valuer used several methods.
| # | Valuer | Deals | Acquirer | Target | Special committee | Median discount rate |
|---|---|---|---|---|---|---|
| 1 | Plutus Consulting Co., Ltd. | 100 | 7 | 44 | 49 | 8.1% |
| 2 | Mizuho Securities Co., Ltd. | 86 | 38 | 48 | — | 6.6% |
| 3 | Nomura Securities Co., Ltd. | 79 | 33 | 44 | 2 | 6.0% |
| 4 | Daiwa Securities Co., Ltd. | 63 | 22 | 40 | 1 | 8.0% |
| 5 | SMBC Nikko Securities Inc. | 54 | 31 | 23 | — | 8.6% |
| 6 | Yamada Consulting Group Co., Ltd. | 44 | 4 | 28 | 12 | 7.4% |
| 7 | KPMG FAS Co., Ltd. | 32 | 12 | 20 | — | 10.0% |
| 8 | Mitsubishi UFJ Morgan Stanley Securities Co., Ltd. | 31 | 10 | 19 | 2 | 6.2% |
| 9 | Deloitte Tohmatsu Financial Advisory LLC | 20 | 8 | 8 | 4 | 9.6% |
| 10 | PwC Advisory LLC | 17 | 6 | 9 | 2 | 7.4% |
| 11 | AGS FAS Co., Ltd. | 17 | 3 | 10 | 4 | 8.3% |
| 12 | EY Strategy and Consulting Co., Ltd. | 13 | 3 | 9 | 1 | 8.9% |
| 13 | Frontier Management Inc. | 12 | 1 | 9 | 2 | 6.7% |
| 14 | Houlihan Lokey Co., Ltd. | 12 | 6 | 5 | 1 | 6.2% |
| 15 | Trustees Advisory Co., Ltd. | 11 | — | 8 | 3 | 6.9% |
All valuers（71）
| Valuer | Deals | Acquirer | Target | Special committee |
|---|---|---|---|---|
| Plutus Consulting Co., Ltd. | 100 | 7 | 44 | 49 |
| Mizuho Securities Co., Ltd. | 86 | 38 | 48 | 0 |
| Nomura Securities Co., Ltd. | 79 | 33 | 44 | 2 |
| Daiwa Securities Co., Ltd. | 63 | 22 | 40 | 1 |
| SMBC Nikko Securities Inc. | 54 | 31 | 23 | 0 |
| Yamada Consulting Group Co., Ltd. | 44 | 4 | 28 | 12 |
| KPMG FAS Co., Ltd. | 32 | 12 | 20 | 0 |
| Mitsubishi UFJ Morgan Stanley Securities Co., Ltd. | 31 | 10 | 19 | 2 |
| Deloitte Tohmatsu Financial Advisory LLC | 20 | 8 | 8 | 4 |
| PwC Advisory LLC | 17 | 6 | 9 | 2 |
| AGS FAS Co., Ltd. | 17 | 3 | 10 | 4 |
| EY Strategy and Consulting Co., Ltd. | 13 | 3 | 9 | 1 |
| Frontier Management Inc. | 12 | 1 | 9 | 2 |
| Houlihan Lokey Co., Ltd. | 12 | 6 | 5 | 1 |
| Trustees Advisory Co., Ltd. | 11 | 0 | 8 | 3 |
| MUFG Bank, Ltd. | 10 | 2 | 8 | 0 |
| SBI Securities Co., Ltd. | 9 | 4 | 5 | 0 |
| Tokyo Kyodo Accounting Office | 8 | 0 | 8 | 0 |
| J.P. Morgan Securities Japan Co., Ltd. | 7 | 4 | 1 | 2 |
| Maxus Corporate Advisory Co., Ltd. | 7 | 1 | 5 | 1 |
| Deloitte Tohmatsu LLC | 7 | 4 | 3 | 0 |
| IR Japan Co., Ltd. | 7 | 1 | 6 | 0 |
| UBS Securities Japan Co., Ltd. | 6 | 1 | 4 | 1 |
| AGS Consulting Co., Ltd. | 6 | 1 | 5 | 0 |
| Akasaka International Accounting Co., Ltd. | 6 | 1 | 1 | 4 |
| BofA Securities Japan Co., Ltd. | 4 | 3 | 1 | 0 |
| CPA Partners Co., Ltd. | 4 | 1 | 1 | 2 |
| J-TAP Advisory Co., Ltd. | 4 | 0 | 4 | 0 |
| XIB Co., Ltd. | 3 | 2 | 1 | 0 |
| Goldman Sachs Japan Co., Ltd. | 3 | 3 | 0 | 0 |
| Tokyo Financial Advisors Co., Ltd. | 3 | 2 | 1 | 0 |
| Stream Co., Ltd. | 3 | 0 | 3 | 0 |
| Daiwa Institute of Research Ltd. | 3 | 3 | 0 | 0 |
| Mikagami Audit Corporation | 2 | 2 | 0 | 0 |
| Guardian Advisors Co., Ltd. | 2 | 1 | 0 | 1 |
| Beyond Arch Partners Co., Ltd. | 2 | 0 | 2 | 0 |
| Benedi Consulting Co., Ltd. | 2 | 0 | 1 | 1 |
| Yamada & Partners Advisory Co., Ltd. | 2 | 0 | 2 | 0 |
| Okasan Securities Co., Ltd. | 2 | 2 | 0 | 0 |
| Tokai Tokyo Securities Co., Ltd. | 2 | 1 | 1 | 0 |
| G-FAS Co., Ltd. | 1 | 0 | 1 | 0 |
| Japan Blue M&A Advisory Co., Ltd. | 1 | 0 | 1 | 0 |
| TF Certified Public Accountants Joint Office | 1 | 0 | 1 | 0 |
| Misou Partners Co., Ltd. | 1 | 0 | 1 | 0 |
| Accounting Works Co., Ltd. | 1 | 0 | 1 | 0 |
| Asia Sunrise Capital Co., Ltd. | 1 | 1 | 0 | 0 |
| Credit Suisse Securities (Japan) Limited | 1 | 0 | 1 | 0 |
| Citigroup Global Markets Japan Inc. | 1 | 1 | 0 | 0 |
| Nimbus Associates Co., Ltd. | 1 | 1 | 0 | 0 |
| Bridge Consulting Group Co., Ltd. | 1 | 1 | 0 | 0 |
| Sato & Partners Law Office | 1 | 1 | 0 | 0 |
| Genwa Godo Kaikeishi Jimusho | 1 | 1 | 0 | 0 |
| Otemachi M&A Advisory Co., Ltd. | 1 | 0 | 1 | 0 |
| Kowa Audit Corporation | 1 | 0 | 1 | 0 |
| Josui Consulting LLP | 1 | 0 | 1 | 0 |
| Crowe Watanabe CT Co., Ltd. | 1 | 1 | 0 | 0 |
| G&S Solutions Co., Ltd. | 1 | 0 | 1 | 0 |
| JOIB Co., Ltd. | 1 | 0 | 1 | 0 |
| KPMG Co., Ltd. | 1 | 1 | 0 | 0 |
| MIT Corporate Advisory Services Co., Ltd. | 1 | 0 | 1 | 0 |
| Stand by C Co., Ltd. | 1 | 0 | 1 | 0 |
| Tasuki Consulting Co., Ltd. | 1 | 0 | 1 | 0 |
| S-Networks Co., Ltd. | 1 | 1 | 0 | 0 |
| Engit Strategy Co., Ltd. | 1 | 0 | 1 | 0 |
| Clifix FAS Co., Ltd. | 1 | 1 | 0 | 0 |
| Global Partners Consulting Co., Ltd. | 1 | 0 | 1 | 0 |
| Deep Impact Co., Ltd. | 1 | 0 | 1 | 0 |
| Nihon M&A Center Inc. | 1 | 0 | 1 | 0 |
| Sangyo Sosei Advisory Inc. | 1 | 0 | 1 | 0 |
| Nagatacho Legal Advisor Co., Ltd. | 1 | 1 | 0 | 0 |
| AKJ Partners Tax Corporation | 1 | 1 | 0 | 0 |
Offer price position by valuer (target-side DCF)
Where the offer price fell in the DCF range each valuer produced for the target or its special committee. Position is the median of the offer price placed on a scale where the bottom of the range is 0% and the top is 100%. Valuers with at least 3 valuations. Not adjusted for industry or deal characteristics.
| Valuer | Valuations | Below the range | In range | Above the range | Median position |
|---|---|---|---|---|---|
| Plutus Consulting Co., Ltd. | 85 | 1 | 73 | 11 | 56.6% |
| Mizuho Securities Co., Ltd. | 47 | — | 41 | 6 | 56.2% |
| Nomura Securities Co., Ltd. | 44 | — | 39 | 5 | 47.1% |
| Daiwa Securities Co., Ltd. | 41 | — | 36 | 5 | 48.5% |
| Yamada Consulting Group Co., Ltd. | 40 | — | 35 | 5 | 59.9% |
| SMBC Nikko Securities Inc. | 23 | — | 20 | 3 | 48.7% |
| Mitsubishi UFJ Morgan Stanley Securities Co., Ltd. | 20 | — | 17 | 3 | 51.2% |
| KPMG FAS Co., Ltd. | 19 | 1 | 14 | 4 | 44.4% |
| AGS FAS Co., Ltd. | 15 | — | 12 | 3 | 72.1% |
| Deloitte Tohmatsu Financial Advisory LLC | 12 | — | 11 | 1 | 36.2% |
| PwC Advisory LLC | 11 | — | 10 | 1 | 75.0% |
| Frontier Management Inc. | 11 | — | 11 | — | 29.9% |
| EY Strategy and Consulting Co., Ltd. | 10 | 2 | 7 | 1 | 46.6% |
| Trustees Advisory Co., Ltd. | 10 | — | 10 | — | 52.8% |
| MUFG Bank, Ltd. | 8 | — | 7 | 1 | 38.1% |
| Tokyo Kyodo Accounting Office | 7 | — | 6 | 1 | 64.5% |
| Maxus Corporate Advisory Co., Ltd. | 6 | — | 5 | 1 | 53.9% |
| IR Japan Co., Ltd. | 6 | — | 6 | — | 62.3% |
| Houlihan Lokey Co., Ltd. | 5 | — | 5 | — | 40.4% |
| SBI Securities Co., Ltd. | 5 | — | 5 | — | 46.1% |
| Akasaka International Accounting Co., Ltd. | 5 | — | 3 | 2 | 63.0% |
| UBS Securities Japan Co., Ltd. | 4 | 1 | 2 | 1 | 39.2% |
| AGS Consulting Co., Ltd. | 4 | — | 4 | — | 70.5% |
| J-TAP Advisory Co., Ltd. | 4 | — | 4 | — | 64.1% |
| CPA Partners Co., Ltd. | 3 | — | 2 | 1 | 52.0% |
| J.P. Morgan Securities Japan Co., Ltd. | 3 | — | 3 | — | 70.6% |
| Deloitte Tohmatsu LLC | 3 | — | 3 | — | 54.6% |
| Stream Co., Ltd. | 3 | — | 3 | — | 87.9% |