Source disclosure: January 16, 2026
MANDOM CORPORATION [4917.T]
TOKYO — Mandom Corporation (Code: 4917, Prime Market of Tokyo Stock Exchange), led by President and CEO Ken Nishimura, announced on January 16, 2026, that it has made certain changes to its previous statements regarding the tender offer and recommendation to shareholders to tender their shares. The company had previously issued several press releases detailing these matters since September 25, 2025.
The latest update pertains to modifications requested by Karon Holdings Co., Ltd., the bidder under Financial Instruments and Exchange Act Enforcement Order Article 30, Paragraph 1, Item 4. According to Karon Holdings, as detailed in the announcement released on January 15, 2026, there have been significant developments including the transfer of contractual positions between Hibiki Path Advisors Pte. Ltd. and Hibiki Path Advisors SPC, and the receipt of a legally binding letter of intent from Kohlberg Kravis Roberts & Co. L.P. These changes necessitated corrections to the number of securities held by Hibiki Path Advisors Pte. Ltd. Additionally, the bid period for the tender offer was extended until January 29, 2026, from the original end date of January 20, 2026, following the submission of an amendment notice on January 15, 2026.
As of January 16, 2026, Mandom's stance on the tender offer remains unchanged from what was communicated in the December 4, 2025, press release. The company supports the tender offer and recommends shareholders participate in it based on the revised terms outlined by Karon Holdings.
Regarding the specifics of the tender offer, Karon Holdings confirmed agreements reached with various shareholders such as City Index Eleven’s Inc. (CI11), Ms. Ayumi Nomura, City Index First Inc. (CIF), ATRA Corporation, and Kobayashi Fragrance Co., Ltd. These agreements involve commitments to tender all owned shares during the tender process, contingent upon meeting specified conditions set by Karon Holdings. For instance, CI11, Nomura, CIF, and ATRA agreed to tender their combined total of 9,676,600 shares, representing 21.44% ownership, provided the buyout price is raised to no less than ¥2,520 per share and the tender period is extended to December 18, 2025. Similarly, Hibiki Path Advisors Pte. Ltd. committed to tendering its entire holding of 2,496,700 shares, constituting 5.53% ownership, subject to additional stipulations involving future investments and partnerships.
These amendments aim to enhance the likelihood of the tender offer succeeding, thereby facilitating a management buyout (MBO). The company continues to endorse this process and encourages shareholder participation in accordance with the updated terms.
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