Toho Holdings is reported to have made an initial proposal to acquire PHC Holdings, with the acquisition price expected to exceed ¥200 billion. The following day, both companies acknowledged the existence of the proposal, drawing attention to the course of future negotiations.
On 30 September 2026, Bloomberg reported that Toho Holdings had begun discussions to acquire PHC Holdings, assuming the acquisition of all shares through a tender offer, with the acquisition price expected to exceed ¥200 billion. The article reported the existence of an initial proposal involving due diligence and indicated that domestic funds had also expressed interest as potential buyers, although Toho Holdings was currently viewed as the only buyer.
PHC's largest shareholder is US investment firm KKR, which holds approximately 38%. It has been suggested that the two companies have been seeking a buyer for PHC in line with KKR's investment exit. The Nikkei reported that the process was expected to move to the final bidding stage as early as the following week, while Toho Holdings was reported to be considering diversification beyond pharmaceutical wholesaling. Following this, PHC's share price rose ¥254 from the previous day to ¥1,684 on 1 October.