Source disclosure: February 10, 2026
MANDOM CORPORATION [4917.T]
TOKYO, Feb 10 (Reuters) - Mandom Corporation, listed on the Tokyo Stock Exchange's Prime Market under code 4917, announced today that its board supports and recommends shareholders to tender their shares in response to a management buyout (MBO) offer initiated by Karon Holdings Co., Ltd. The company made this recommendation following a series of changes and updates to the original tender offer announcement made on Sept. 25, 2025.
The latest update pertains to modifications in the terms of the tender offer as well as structural changes in the overall transaction structure. According to the press release issued on Feb. 9, 2026, Karon Holdings has revised the price per share for the tender offer from February 9, 2026. Additionally, Karon Holdings has amended agreements with certain stakeholders including former Chairman Yoshihiro Nishimura, current President Ken Nishimura, the Nishimura Scholarship Foundation, and M&N Holdings Corp. These amendments were formalized through an additional Memorandum of Understanding signed on Feb. 9, 2026, which modifies the initial agreement dated September 10, 2025.
Furthermore, the tender offer period has been extended due to these revisions. Initially set to conclude on February 12, 2026, based on previous extensions, it will now run until February 25, 2026. This extension was necessitated by corrections filed with the Kanto Regional Finance Bureau on February 9, 2026, pursuant to Article 27-8, Paragraph 2 of Japan’s Financial Instruments and Exchange Act.
In light of these developments, Mandom Corporation held a board meeting on February 9, 2026, where they expressed support for the tender offer and recommended shareholders to participate, contingent upon the third round of price adjustments being implemented. The corporation also highlighted that the total number of shares involved in the tender process includes those owned by Mr. Yoshihiro Nishimura (excluding restricted shares), Mr. Ken Nishimura (excluding restricted shares), the Nishimura Scholarship Foundation, and M&N Holdings Corp., amounting to approximately 5.6 million shares representing about 12.43% of the outstanding shares.
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