Source disclosure: February 25, 2026
RAKSUL INC. [4384.T]
TOKYO, Feb 25 (Kyodo) -- Rakusul Inc., represented by its President and Group CEO Ei Nagami, announced on Saturday that it has made revisions to an earlier tender offer announcement related to a management buyout (MBO). The company originally disclosed these plans on December 11, 2025, followed by additional updates on February 4 and February 19 of this year.
According to the revised disclosure, R1 Corporation, the bidder initiating the tender offer, entered into a contract with Keyrock Capital Master Fund, Ltd. on February 24, 2026. This agreement involves all shares held by Keyrock, totaling 5,194,900 shares representing 8.72% of Rakusul's outstanding stock, committing them to participate in the tender offer. Additionally, there were corrections identified in previously submitted documents due to inaccuracies, necessitating further amendments to the tender offer terms.
The revised tender offer now extends the bidding period from March 9 to March 10, 2026, increasing the total duration to 54 business days since its initial launch on December 12, 2025. The bid price remains unchanged at JPY 1,900 per share, which represents a premium of 52.00%, 59.93%, 65.07%, and 58.73% over the closing prices observed on December 10, 2025; the average closing price over the last month, three months, and six months respectively. Furthermore, discussions continue between the bidder and certain institutional shareholders regarding their participation in the tender offer at the adjusted price of JPY 1,900 per share. Successful negotiations will be communicated separately upon formal agreement.
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