Advantage Partners formally announced a competing proposal in the contest for かどや製油. インテグラル is expected to launch its tender offer in mid-November, at a proposed price of ¥2,654. There is scope for an additional increase depending on shareholder support.
かどや製油 announced on the night of the 28th that it had received a legally binding competing proposal from Advantage Partners in response to the tender offer being conducted by domestic investment fund インテグラル. The article identifies Advantage as a “candidate that is a fund,” while reporting that multiple parties familiar with the matter have confirmed the move. The contest for control of かどや製油 is therefore expected to intensify.
According to the announcement, Advantage proposed a tender offer at ¥2,654 per share. インテグラル has indicated its intention to launch a tender offer in mid-November, and Advantage’s proposal could exceed that price. Major shareholders Mitsubishi Corporation and Mitsui & Co. each continue to hold more than 20%. If cooperation can be obtained from both companies, there is scope to raise the tender offer price for general shareholders to ¥2,760.