Tonami Holdings to go private in management buyout

Tonami Holdings (TSE:9070) announced its board has approved a management buyout (MBO) transaction that will take the company private. JWT Corporation, a special purpose company established by Japan Post, will acquire all outstanding shares of Tonami Holdings at a price of ¥10,200 per share. Tonami's board supports the deal and recommends that shareholders tender their shares in the tender offer. The MBO is subject to customary conditions and is expected to close in April 2025, leading to delisting. In related news, Tonami Holdings has revised its dividend forecast for the fiscal year ending March 31, 2025, to zero, conditional upon the MBO's success. This decision reflects an agreement between Tonami and JWT, where the MBO price was determined assuming no year-end dividend would be paid.