Source disclosure: February 13, 2026
WATT MANN CO.,LTD. [9927.T]
TOKYO (Feb. 13, 2026) — Wattmann Co., Ltd. announced today that its board of directors has endorsed an offer by IAPF3 Corporation to acquire all outstanding common shares of the company, excluding certain restricted shares and treasury stocks, and recommended shareholders tender their shares in response to this tender offer.
The decision was made during a board meeting held on February 13, 2026, following which the company's president, Yasushi Kawabata, stated his support for the management buyout (MBO). The tender offer is part of a series of transactions aimed at delisting the company’s shares from the Tokyo Stock Exchange Standard Market. Under the terms of the offer, each share will be purchased for ¥972 per share.
IAPF3 Corporation, established on January 19, 2026, is managed by IA Partners Fund Japan, an investment vehicle controlled by IA Partners Inc. According to information provided by the buyer, IA Partners has been active since March 2021, focusing on private equity investments and related activities. It began managing IA Partners Fund Japan in March 2022 and has invested in several companies including DiaSalt Corp., Sakai Chemical Industry Co., Sumu Holdings Co., FFF Co., Naito Transline Co., and Naoyoshi Co.
IA Partners' mission is to become a trusted partner that contributes to the sustainable growth of its portfolio companies through stakeholder-oriented investing. This approach prioritizes balancing long-term value creation across various stakeholders while supporting sustained growth beyond the investment period. The firm aims to achieve both corporate growth and investment returns through a team of seasoned professionals who have accumulated extensive investment expertise over the years.
As part of the proposed transaction, IAPF3 Corporation plans to purchase all publicly traded shares of Wattmann Co., Ltd., excluding those held by non-tendering shareholders and treasury stocks, thereby privatizing the company. Post-acquisition, current CEO Yasushi Kawabata and Director Masaru Watanabe will continue to lead the company, ensuring continuity in its operations and strategic direction. Notably, Kawabata holds approximately 20.48% of the company's shares, while Watanabe owns about 0.98%.
In conjunction with the tender offer, IAPF3 Corporation has entered into a basic agreement with Yasushi Kawabata and his spouse Yohko Kawabata, collectively referred to as "non-tendering shareholders." These individuals have agreed not to tender their combined holdings of 2,112,184 shares, representing 24.14% of the total outstanding shares. Furthermore, they have committed to voting in favor of squeeze-out merger procedures if the tender offer is successful, effectively removing other shareholders from the register once the acquisition is completed.
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