CRAFT Co., Ltd. made a tender offer to acquire 35.24% stake in Kyoden Company, Limited (TSE:6881) for ¥10.5 billion on August 9, 2023. As reported, CRAFT Co., Ltd will acquire 17.5 million Kyoden shares in the tender offer at a price of ¥600 per common stock. The tender offer excludes the 14.99 million shares owned by Hiroshi Hashimoto, representing 30.16% ownership stake in Kyoden Company who has confirmed that he does not intend to tender his shares.

The tender offer will result in subsequent delisting of the shares of Kyoden Company, The takeover bid is approved by Kyoden Company. The tender offer period will commence on August 10, 2023 and end on September 25, 2023. As of September 26, 2023, the transaction is expected to complete on September 29, 2023.

SMBC Nikko Securities Co., Ltd acted as tender offer agent.