地域新聞社 used a stock split to bring the wolf-pack group’s takeover efforts into the public eye. It turned loss-making after defense costs exceeded ¥100 million, and maintained its listing while changing from the TSE Growth Market to the Standard Market.
This time, reports say that the battle between 地域新聞社 (Yachiyo, Chiba Prefecture) and the bidder is approaching its final stage over the “wolf-pack strategy,” in which multiple investors quietly accumulate shares. 地域新聞社 used an unusual stock split that split each share into 1.8 shares to bring the wolf-pack group into the public eye, then activated takeover defense measures.
It was disclosed that the largest shareholder changed on 3 September, resulting in a decline in most of the wolf-pack group’s ownership stakes. The defense measures took effect in late August, highlighting the difficulty of detecting major changes in the shareholder composition after the fact.
In January 2026, the independent committee determined that MTM Capital and others had engaged in joint coordinated action. 地域新聞社 had put its defense measures in place before detecting signs of a hostile takeover and established a mechanism that could be activated solely by board resolution if holdings of 20% or more could be proven.
Defense costs swelled significantly, and the substantial countermeasure expenses pushed the company into the red. Although its listing was maintained, its market capitalization remained depressed, while the behind-the-scenes events are being examined in a feature published as a long-running series.