Cases have been presented in which parent companies made tender offers to take listed subsidiaries private at premiums of around 40%. There are 18 listed subsidiaries with P/B ratios below 1x. In some cases, the tender-offer price was substantially higher than the previous day's closing price.
Tender offers by parent companies to take listed subsidiaries private have occurred one after another since the start of this year. 宝ホールディングス has stated that it will make a tender offer for タカラバイオ, while メディパルホールディングス has stated that it will make a tender offer for PALTAC. These tender offers are generally announced with a premium to the market price. The premium to the closing price on the day before the announcement differs by stock.
According to the published materials, the premiums were approximately 42.73% for PALTAC and 40.42% for タカラバイオ. Other examples include a tender offer for 三井住建道路 by a company under 三井和建設, which was completed in April at a premium of approximately 22.32%, and 日本製鉄's tender offer for 黒崎播磨, where the premium after completion was approximately 21.74%. By contrast, 伊藤忠食品's tender offer completed in April had a premium of only approximately 7.62%.
Alongside cases involving premiums of around 40%, there have also been developments concerning the dissolution of parent-subsidiary relationships. One case was cited in which the premium was approximately 40% compared with the closing price on the day before the previous year's report. Screening by these conditions identified 51 stocks whose largest shareholder is a listed company and whose P/B ratio is below 1x. Of these, 18 were listed in the table as stocks whose largest shareholder is a listed company. Further reports are expected to focus on the details of these 18 stocks.