The document this correction applies to
Timely disclosureWhat was corrected and how
A subsequent correction by the company to the contents of an already published filing.
Notice Regarding the Implementation of an MBO and Recommendation to Tender Shares
Open the original document3. Details, Grounds and Reasons for the Opinion Regarding the Tender Offer, etc. (2) Grounds and Reasons for the Opinion Regarding the Tender Offer ④ Process and Reasons for the Decision to Support the Tender Offer (g)
Although the premium on the tender offer price (¥2,970) cannot necessarily be said to be at a high level compared with comparable transactions, given the recent trend in the Company's share price and its high PBR, it would not be appropriate to assess the appropriateness of the tender offer price negatively based solely on the level of the premium.
The disclosure was revised to state that premiums of 3.81% over the closing price of ¥2,861 on the reference date, 4.03% over the simple average closing price of ¥2,855 for the most recent 1-month period, 10.70% over the simple average closing price of ¥2,683 for the most recent 3-month period, and 26.54% over the simple average closing price of ¥2,347 for the most recent 6-month period were added to the tender offer price. It also added a comparison with the average premium rates for 115 comparable transactions (45.4%, 48.4%, 51.1% and 51.7%) and the median premium rates (41.8%, 43.4%, 46.1% and 48.0%), together with the reasons for the assessment based on the upward trend in the share price and a PBR of more than 10x.
Certain matters in the disclosure required partial correction.
| Item | Details |
|---|---|
| Disclosure subject to correction | Notice Regarding the Implementation of an MBO and Recommendation to Tender Shares |
| Original disclosure date | 19 August 2026 |
| Location of correction | 3. Details, Grounds and Reasons for the Opinion Regarding the Tender Offer, etc. (2) Grounds and Reasons for the Opinion Regarding the Tender Offer ④ Process and Reasons for the Decision to Support the Tender Offer (g) |
| Details of correction | Although the premium on the tender offer price (¥2,970) cannot necessarily be said to be at a high level compared with comparable transactions, given the recent trend in the Company's share price and its high PBR, it would not be appropriate to assess the appropriateness of the tender offer price negatively based solely on the level of the premium. → The disclosure was revised to state that premiums of 3.81% over the closing price of ¥2,861 on the reference date, 4.03% over the simple average closing price of ¥2,855 for the most recent 1-month period, 10.70% over the simple average closing price of ¥2,683 for the most recent 3-month period, and 26.54% over the simple average closing price of ¥2,347 for the most recent 6-month period were added to the tender offer price. It also added a comparison with the average premium rates for 115 comparable transactions (45.4%, 48.4%, 51.1% and 51.7%) and the median premium rates (41.8%, 43.4%, 46.1% and 48.0%), together with the reasons for the assessment based on the upward trend in the share price and a PBR of more than 10x. |
| Reason for correction | Certain matters in the disclosure required partial correction. |
Items this document does not state (1)
These are items the company does not state in this document. We do not leave them blank, nor fill them in from other sources or by inference.
The reasons the company gives
The company's own explanation, not something inferred from the numbers.Certain matters in the disclosure required partial correction. The specific cause of the errors has not been explained.