Source disclosure: January 07, 2026
TSURUHA HOLDINGS INC. [3391.T]
TOKYO — Tsuruha Holdings Inc., represented by Chairman and President Noriho Tsuruhaya (stock code 3391), announced today that it has received the results of an open tender offer initiated by Itochu Corporation on December 3, 2025, which concluded on January 6, 2026. According to the report from Itochu Corporation, the total number of shares submitted (40,727,772) did not exceed the maximum purchase limit set at 43,240,590 shares.
As a result, Itochu Corporation will acquire all submitted shares, leading to a significant change in Tsuruha's ownership structure. Once the transaction is finalized on January 14, 2026, Itochu Corporation’s shareholding ratio will surpass 50%, thereby transforming from a related company to a parent company of Tsuruha Holdings Inc.
Itochu Corporation, headquartered in Chiba City, Chiba Prefecture, operates retail businesses, real estate development, finance, services, and other associated industries. The corporation holds a capital stock of 220,007 million yen as of August 31, 2025, and its major shareholders include Japan Trustee Services Bank (Trust Account) with 14.03% equity, Sumitomo Mitsui Banking Corporation (Trust Account) with 4.55%, and Mizuho Bank Ltd. with 3.68%.
The transformation of Itochu Corporation into Tsuruha's parent company follows their existing business alliance agreement and ongoing transactions involving financial services and product exchanges within the Itochu Group. As one of Tsuruha's largest shareholders, holding 41.38% of the issued shares excluding treasury stocks as of December 1, 2025, Itochu Corporation already had a substantial influence over Tsuruha's operations before this acquisition.
Financially, Itochu Corporation reported consolidated net assets of 2,121,226 million yen and total assets of 13,833,319 million yen as of February 2025. Over the past three fiscal years, the company achieved operating revenues of 10,134,877 million yen and consolidated earnings attributable to owners of the parent company amounting to 28,783 million yen in the same period. These figures reflect a steady performance with consistent growth trends observed since 2023.
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