Kobayashi Pharmaceutical has reportedly been considering taking its shares private, while a Japanese-British fund consortium is said to have sounded out an acquisition proposal. The focus is on how discussions over the options of maintaining the listing or going private will develop.
A consortium of Japanese investment fund 日本産業推進機構 (NSSK) and UK-based fund CVC Capital Partners is believed to have sounded out a proposal to take Kobayashi Pharmaceutical private through an acquisition.
On the same day, Kobayashi Pharmaceutical issued a comment stating, “It is a fact that we have received a preliminary, non-binding joint proposal concerning privatization as an option for enhancing corporate value,” and indicated that it would proceed with considering the proposal.
According to people familiar with the matter, the consortium may have presented a plan to acquire the company through a tender offer (TOB) and take it private in cooperation with the founding family, a major shareholder. The total acquisition value is believed to have the potential to reach approximately ¥500 billion. The matter remains at the consideration stage, and the details and terms of any formal proposal have not been disclosed.