Worth reading
83Important
Scored from 2 of 5 sectionsDirection
Neutral
Direction inferred from the company’s description.Scale
18639
¥ millionWording
Conditional
How definitive the wording is.This transaction
This tender offerCounterpartySI合同会社
Disclosing companyITOCHU Corporation
The voting-rights ratio is the share of the votes exercisable at a shareholders’ meeting that will be held after this transaction.
Execution Date / Effective Date16 April 2026 (scheduled; the date on which settlement of the tender offer is scheduled to commence)
Target company
Real estate revitalization, real estate services, and hotel and tourism businesses
Location Chiyoda-ku, TokyoShare capital ¥11,965 million (as of 31 December 2025)Date of incorporation 8 April 1999
Net Sales¥103,174 million (fiscal year ended March 2025)
Operating profit¥21,279 million (fiscal year ended March 2025)
Net income for the current fiscal year¥14,163 million (fiscal year ended March 2025, net income attributable to owners of the parent)
Net assets¥105,892 million (fiscal year ended March 2025)
Consideration and expenses
Acquisition price¥18,639 million
Expenses other than the acquisition priceExcludes advisory fees and other costs (amount not disclosed)
Type of ConsiderationCash
Tender offer price¥2,800 per common share
Minimum number of shares to be purchased－ shares (no minimum set)
Tender offer periodFrom 26 February 2026 to 9 April 2026 (30 business days)
Procedures and assumptions
Management structure after acquisitionThe target company is expected to become an equity-method affiliate of Itochu Corporation. Other details, including the corporate name, representative, and treatment of employees, have not been disclosed.
| Item | Details |
|---|---|
| Transaction name | This tender offer |
| Counterparty name | SI合同会社 |
| Name of the Subject Company | Sun Frontier Fudousan Co.,Ltd. |
| Business Description of the Subject Company | Real estate revitalization, real estate services, and hotel and tourism businesses |
| Location of the Subject Company | Chiyoda-ku, Tokyo |
| Capital Stock of the Subject Company | ¥11,965 million (as of 31 December 2025) |
| Date of Establishment of the Subject Company | 8 April 1999 |
| Net Sales of the Subject Company | ¥103,174 million (fiscal year ended March 2025) |
| Operating Profit of the Subject Company | ¥21,279 million (fiscal year ended March 2025) |
| Net Income of the Subject Company | ¥14,163 million (fiscal year ended March 2025, net income attributable to owners of the parent) |
| Net Assets of the Subject Company | ¥105,892 million (fiscal year ended March 2025) |
| Acquisition price | ¥18,639 million |
| Expenses other than the acquisition price | Excludes advisory fees and other costs (amount not disclosed) |
| Type of Consideration | Cash |
| Tender offer price | ¥2,800 per common share |
| Minimum number of shares to be purchased | － shares (no minimum set) |
| Tender offer period | From 26 February 2026 to 9 April 2026 (30 business days) |
| Number of shares acquired | 6,656,969 shares (66,569 voting rights) |
| Voting rights ownership percentage | Before 10.15％ → after 22.45％ |
| Execution Date / Effective Date | 16 April 2026 (scheduled; the date on which settlement of the tender offer is scheduled to commence) |
| Management structure after acquisition | The target company is expected to become an equity-method affiliate of Itochu Corporation. Other details, including the corporate name, representative, and treatment of employees, have not been disclosed. |
Items this document does not state (11)
Merger ratio/share exchange ratioFunding arrangementsGoodwill amountAmount of extraordinary income (loss)Impact on Business PerformanceDate of board resolutionContract DateValuation methodologyIndependent valuation institutionSpecial CommitteeConditions Precedent to Execution
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.As a result of the tender offer and the third-party allotment capital increase, the target company is expected to become an equity-method affiliate of Itochu Corporation. The specific purpose and rationale for the transaction are not explained in this document.
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