Source disclosure: January 20, 2026
TOIN CORPORATION [7923.T]
TOKYO, Jan 20 (Kyodo) -- CSRI No. 5 Co., Ltd., represented by President Takashi Maeda, has submitted an amended tender offer filing to the Kanto Finance Bureau on January 20, 2026, regarding its public tender offer for common shares of Toin Corporation (stock code: 7923). The amendment follows corrections made to the original tender offer filing submitted on December 23, 2025.
The revised tender offer document addresses several key changes and updates since the initial announcement on December 22, 2025. Notably, CSRI No. 5 concluded an agreement with Cedar Corp. on January 15, 2026, whereby Cedar Corp. will tender all of its 35,000 shares (representing 0.70% ownership) of Toin Corporation's common stock into the tender offer. Additionally, CSRI No. 5 received confirmation from Toin Employee Stock Ownership Plan (ESOP), which holds 135,713 shares (2.70%), that conditions set forth in their subscription agreement have been met as of January 19, 2026, allowing them to tender all of their holdings.
Furthermore, CSRI No. 5 received notifications from the Japan Fair Trade Commission on January 19, 2026, including an "Exclusion Measures Order Non-Issue Notice" and a notice shortening the waiting period under the Foreign Exchange and Foreign Trade Act. This allowed CSRI No. 5 to commence purchases of Toin Corporation's shares starting from January 16, 2026. These developments necessitated amendments to both the press release and the tender offer announcement issued earlier.
CSRI No. 5 also noted that these amendments do not constitute changes to the buy-in conditions defined under Article 27(3)(i) of the Financial Instruments and Exchange Law. Underlined sections indicate areas where revisions were made. Specifically, the summary of the tender offer now includes additional information about agreements reached with various shareholders and ESOPs, ensuring transparency and compliance with regulatory requirements throughout the tender process.
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