Source disclosure: January 29, 2026
Silver Egg Technology CO.,Ltd. [3961.T]
TOKYO (January 29, 2026) — Silver Egg Technology Co., Ltd. announced today that its board of directors has approved and recommended to shareholders the tender offer initiated by Ilugram Corporation. The company also disclosed plans for an extraordinary general meeting scheduled for February 20, 2026.
The extraordinary general meeting will convene on February 20, 2026, at 1 PM JST, at the New Osaka Trust Tower, located at 5-36 Miya-hara-machi, Yodogawa Ward, Osaka City, Osaka Prefecture. At this meeting, shareholders will vote on proposals including a share consolidation plan, the abolition of the minimum unit holding requirement, and partial amendments to the articles of incorporation.
In conjunction with these changes, Silver Egg's ordinary shares will temporarily meet Tokyo Stock Exchange delisting criteria from February 20, 2026, through March 22, 2026. Following this period, trading of the company’s shares on the Tokyo Stock Exchange Growth market is expected to cease entirely as of March 23, 2026.
Silver Egg's decision comes after Ilugram launched a tender offer on November 17, 2025, which concluded on January 6, 2026. During this period, Ilugram sought to acquire all outstanding common stock and third series subscription warrants issued by Silver Egg. Notably, Thomas Aquinas Foley, who holds 53.94% of the company's shares, agreed to tender half his holdings—802,900 shares—at a price of ¥440 per share. This contrasts with the tender offer price of ¥770 per share, reflecting a discount of ¥330 per share. This arrangement was reached due to Ilugram's assessment that raising the overall bid price across all shares would be challenging given the current valuation of Silver Egg's stock. As part of this agreement, Foley committed to transferring the remaining non-tendered shares post-acquisition completion, subject to regulatory approval.
Additionally, Ilugram entered into agreements with Kyosan Inc., the second-largest shareholder, owned entirely by Thomas Foley's spouse, Yuko Foley. Kyosan agreed to tender all its holdings, totaling 140,000 shares, or 4.70% of the company's equity, during the tender offer period. Together, the total number of shares committed to being tendered by Thomas Foley and Kyosan stands at 942,900 shares, representing 31.67% of the company's outstanding shares. These agreements significantly facilitate Ilugram's acquisition strategy aimed at consolidating control over Silver Egg Technology.
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