The Tsuji Hongo Group announced on 30 September that it would make CS Accounting a wholly owned subsidiary for approximately ¥4 billion. The report also covers the background to the growing number of single-deal M&A transactions involving small-cap IPO stocks and trends in the TOB market.
The Tsuji Hongo Group announced on 30 September that it would make CS Accounting, an accounting and human-resources BPO provider, a wholly owned subsidiary for approximately ¥4 billion. The target is CS Accounting, and the transaction has attracted attention because its scale exceeds the buyer's market capitalization.
In the TOB market, the number of TOBs in 2026 is expected to reach 75 as of the end of September, while the number of MBOs is expected to reach 17. The average premium for completed transactions is reportedly approximately 37%. In September, テクノプロ・ホールディングス announced a TOB for プロジェクトホールディングス, while ジモティー accepted a TOB from カルチュア・コンビニエンス・クラブ.
The background is a review of the Tokyo Stock Exchange Growth Market's listing maintenance criteria. The revised criteria are scheduled to apply from 2030 onward, and small-cap companies with market capitalizations in the tens of billions of yen are increasingly being forced to choose between expanding through M&A and coming under the umbrella of an operating company or fund.
This article selected 22 companies with M&A catalysts, including being within 30% of their record lows, large completed acquisitions not yet reflected in their share prices, clear funding and acquisition policies, and the presence of a parent company or operating-company shareholder. Share price data is as of 1 October 2026.