Source disclosure: January 07, 2026
Japan Infrastructure Fund Investment Corporation [9287.T]
TOKYO — The Japan Infrastructure Fund Investment Corporation (code number 9287), managed by Japan Infrastructure Fund Advisors Co., Ltd., has announced changes to its previous statement regarding MM Power General Partnership's tender offer for the corporation’s investment units. This update follows an announcement made on January 7, 2026, by Mizuho Leasing concerning modifications to the terms of the tender offer.
The original tender offer was initiated on November 7, 2025, and aimed at acquiring all outstanding investment units held by shareholders of the Japan Infrastructure Fund Investment Corporation. However, due to recent developments, MM Power General Partnership has revised certain aspects of the tender offer. Specifically, the price per unit offered has been increased from ¥65,000 to ¥67,000. Additionally, the minimum number of units that must be tendered for the offer to proceed has been reduced from 292,814 units (representing 66.67%) to 263,532 units (or 60%). As a result of these adjustments, the tender period has been extended until January 22, 2026, making it a total of 48 business days.
In light of these changes, the board of directors of the Japan Infrastructure Fund Investment Corporation reaffirmed their support for the tender offer and continued to recommend that shareholders participate in the process. This decision was reached during a meeting held on January 7, 2026, following similar resolutions taken on November 6, 2025, and December 19, 2025. All decisions were made through a procedure ensuring that no conflicted interests influenced the outcome, as outlined under item six of the press release titled "Measures to Ensure Fairness of the Public Offering Price."
Furthermore, the revised tender offer retains the objective of fully consolidating the Japan Infrastructure Fund Investment Corporation under MM Power General Partnership. If the tender offer does not achieve full acquisition of all investment units, subsequent steps will include merging remaining shares to meet legal requirements for complete consolidation. These measures aim to ensure compliance with Article 81(2) of the Investment Trusts and Investment Corporations Act, which mandates a supermajority vote (two-thirds of voting rights) for such mergers. To facilitate this, the tender offer is structured to secure at least two-thirds of the voting rights among the corporation's investors.
This comprehensive approach underscores the commitment of both parties to achieving a successful transaction while providing ample opportunity for current shareholders to make informed decisions about participating in the tender offer.
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