Worth reading
31Immaterial
0–100. This measures how worthwhile something is to read, not how good or bad the company is.Direction
Mixed performance
Direction inferred from the company’s description.Scale
4750
¥ per share (tender offer price)Wording
Conditional
How definitive the wording is.Items stated in the management plan
Partially revisedStatements about the use of capital
Treasury share acquisition policyFollowing completion of the tender offer, the effective date of the share consolidation, the provision of funds and other support by the tender offeror, and the company’s capital reduction, the company plans to repurchase its own shares, with DIC and 光和 expected to sell their shares in response. The purchase amount and number of shares are Not disclosed.
Self-assessment of PBR and share priceThe tender offer price is ¥4,750, compared with the share price of ¥5,007 before the announcement. The tender offer price is ¥4,750, or 132% above the share price of ¥2,048 before speculative reports about a proposal to take the company private.PBR is a measure of how many times the share price is the book value per share.
Key initiatives
01Expand business opportunities by also pursuing non-continuous strategies, including M&A and capital and business alliances, and enter a new growth phase as a manufacturer of back-end semiconductor materials.
02Increase profitability and capital efficiency as an independent business, expand its earnings contribution as a second core business alongside the electronics business, and develop it into a further growth driver.
03Develop businesses based on social responsibility and businesses that support the Group, while expanding businesses that address social issues in the sustainability field.
04In the electronics business, make proactive investments that capture structural changes in the semiconductor market.
05In the pharmaceutical business, promote structural reform, secure profitability, and expand the contract manufacturing business.
06Steadily execute the management policies of the medium-term management plan.
07An agile investment strategy based on a long-term perspective.
08Strengthen the global network.
Plan assumptionsThe rapid adoption of generative AI, expansion of data centers and communications infrastructure, increasing semiconductor performance, growing use of outsourced pharmaceutical manufacturing, and rising demand for dental care driven by an aging society. Numerical assumptions are Not disclosed.
Risks identified by the company
Required procedures and responses under competition laws in Japan and overseas.
Required procedures and responses under investment regulations in Japan and overseas.
Reason for revision or withdrawal
We believe that going private will benefit the execution of our growth strategy by enabling us to pursue management strategies from a long-term perspective under a stable shareholder structure and establish a management framework capable of making prompt decisions. We also believe that partnering with KKR will enable us to accelerate growth and structural reform by leveraging its global network and expertise.
| Item | Details |
|---|---|
| Plan name | Beyond Imagination and Beyond Boundaries 2030: Toward Further Growth |
| Plan period | Starting fiscal year Not disclosed / Final year 2030 |
| Progress against the plan | Partially revised |
| Treasury share acquisition policy | Following completion of the tender offer, the effective date of the share consolidation, the provision of funds and other support by the tender offeror, and the company’s capital reduction, the company plans to repurchase its own shares, with DIC and 光和 expected to sell their shares in response. The purchase amount and number of shares are Not disclosed. |
| Self-assessment of PBR and share price | The tender offer price is ¥4,750, compared with the share price of ¥5,007 before the announcement. The tender offer price is ¥4,750, or 132% above the share price of ¥2,048 before speculative reports about a proposal to take the company private. |
| Plan assumptions | The rapid adoption of generative AI, expansion of data centers and communications infrastructure, increasing semiconductor performance, growing use of outsourced pharmaceutical manufacturing, and rising demand for dental care driven by an aging society. Numerical assumptions are Not disclosed. |
| Key initiatives | Expand business opportunities by also pursuing non-continuous strategies, including M&A and capital and business alliances, and enter a new growth phase as a manufacturer of back-end semiconductor materials., Increase profitability and capital efficiency as an independent business, expand its earnings contribution as a second core business alongside the electronics business, and develop it into a further growth driver., Develop businesses based on social responsibility and businesses that support the Group, while expanding businesses that address social issues in the sustainability field., In the electronics business, make proactive investments that capture structural changes in the semiconductor market., In the pharmaceutical business, promote structural reform, secure profitability, and expand the contract manufacturing business., Steadily execute the management policies of the medium-term management plan., An agile investment strategy based on a long-term perspective., Strengthen the global network. |
| Reason for revision or withdrawal | We believe that going private will benefit the execution of our growth strategy by enabling us to pursue management strategies from a long-term perspective under a stable shareholder structure and establish a management framework capable of making prompt decisions. We also believe that partnering with KKR will enable us to accelerate growth and structural reform by leveraging its global network and expertise. |
| Risks identified | Required procedures and responses under competition laws in Japan and overseas., Required procedures and responses under investment regulations in Japan and overseas. |
| Date of board resolution | 31 March 2026 |
| Publication date | 31 March 2026 |
Items this document does not state (14)
Sales TargetOperating profit targetOperating profit margin targetNet income targetROE targetROIC targetPayout ratio / DOE policyCost of capitalTotal investment planInvestment amount by sectorSegment targetNon-financial targetsResults under the previous planSize of the Target Market
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.Going private will enable the company to execute management strategies from a long-term perspective and make prompt decisions under a stable shareholder structure. It will also enable the company to accelerate growth and structural reform by leveraging KKR’s global network and expertise.
How to read this page
This is not the documentKomori reads the disclosure the company filed and writes this summary. Figures are as stated by the company and are not audited.
Weight is not a verdictIt measures how much this changes what the company had already told the market. It is not a view on the shares.
Corrections happenIf the company reissues this disclosure, the page is rebuilt from the corrected version and the revision number moves up.