An investor group Launches Tender Offer for DENSO CORPORATION at ¥1,935
Source disclosure: January 14, 2026 DENSO CORPORATION [6902.T] TOKYO — An investor group has launched a tender offer for DENSO Corporation's shares at ¥1,935 each, according to an announcement made on January 14, 2026. The move follows a resolution by the company’s board of directors based on the Companies Act (Law No. 86 of 2005) and its articles of incorporation. DENSO Corporation, led by President Shinji Hayashi, plans to repurchase its own shares through this public offering, kn
Source disclosure: January 14, 2026
DENSO CORPORATION [6902.T]
TOKYO — An investor group has launched a tender offer for DENSO Corporation's shares at ¥1,935 each, according to an announcement made on January 14, 2026. The move follows a resolution by the company’s board of directors based on the Companies Act (Law No. 86 of 2005) and its articles of incorporation.
DENSO Corporation, led by President Shinji Hayashi, plans to repurchase its own shares through this public offering, known as "self-tender offer." The revised terms stipulate that the final price for the self-tender offer will be set at a 10% discount from either the closing price of DENSO's common stock on the Tokyo Stock Exchange Prime Market on the business day before the board meeting date, or the simple average of the closing prices over the past month prior to that date, whichever is lower. However, if this calculated amount exceeds ¥2,209, which was the closing price on January 13, 2026, then the price will be capped at ¥2,209.
The original plan announced on June 3, 2025, aimed to repurchase all ordinary shares held by Toyota Machine Industries Co., Ltd. (totaling 157,705,656 shares, representing 5.69% ownership), along with all shares held in trust by Sumitomo Mitsui Trust Bank (transferred to Nomura Trust & Banking Co.) under retirement benefit trusts (totaling 27,192,000 shares, representing 0.98% ownership). This totals 184,897,656 shares, or 6.68% of DENSO's total outstanding shares. In case of excess bids exceeding the targeted number, the allocation would follow proportional distribution rules, ensuring no more than 184,897,756 shares are acquired.
Funding for the tender offer will come from the company's own funds and borrowed capital. As of March 31, 2025, DENSO had approximately ¥986.5 billion in cash and cash equivalents on its consolidated balance sheet. Management believes that future cash flows generated from operations will enable timely repayment without adversely affecting the company's financial condition or dividend policy. Thus, they expect to maintain their current operational stability and financial health.
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