Source disclosure: February 09, 2026
MANDOM CORPORATION [4917.T]
TOKYO, Feb 9 (Reuters) - Mandom Corporation, listed on the Tokyo Stock Exchange Prime Market under code 4917 and led by President Ken Nishimura, announced today that its board of directors has supported a tender offer and recommended shareholders to tender their shares.
The company's decision follows a series of deliberations initiated after it introduced a large-scale share acquisition policy in response to significant buyout activities involving its ordinary shares by City Index Eleven Co., Ltd., as detailed in an announcement made on November 4, 2025. Since then, Mandom had been considering various proposals from potential buyers, includingKKR, which submitted a legally binding letter of intent regarding a public tender offer on January 13, 2026.
Mandom engaged extensively with KKR through meetings and discussions aimed at evaluating strategies that could enhance the company’s value. This included multiple rounds of negotiations where both KKR and CVC Capital Partners provided detailed plans for improving Mandom's business performance. On February 6, 2026, CVC Capital Partners proposed increasing the tender offer price per share from the previous amount to ¥3,105, contingent upon Mandom's endorsement of the offer. Following this development, Mandom convened a board meeting on February 9 to carefully compare the two sets of proposals.
At the board meeting held today, Mandom concluded that CVC Capital Partners' proposal was more beneficial for enhancing the company's enterprise value compared to KKR's plan. Consequently, the board decided to endorse the current tender offer and recommend that shareholders participate in it based on the revised terms. Immediately following this resolution, Mandom informed CVC Capital Partners of its decision, leading to the confirmation of the third price adjustment to ¥3,105 per share.
In addition to endorsing the tender offer, Mandom also resolved not to support KKR's competing bid due to the mutually exclusive nature of the offers. The company further declared that it would terminate the ongoing process aimed at soliciting other bids. Mandom expressed gratitude to KKR for participating in the process despite tight timelines and requested them to destroy any confidential information shared during the proceedings, adhering to non-disclosure agreements signed between the parties.
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