AI Holdings completes Nakayo tender offer, gains specified subsidiary status

Ai Holdings Corporation [TSE:3076] has completed its tender offer for shares of Nakayo, Inc. [TSE:6715], as announced on April 3, 2025. The tender offer, initiated on February 17, 2025, concluded on April 2, 2025, resulting in Ai Holdings acquiring 3,465,129 Nakayo shares at JPY 2,550 per share, bringing its total ownership to 3,840,329 shares, representing 85.74% of voting rights. The total acquisition cost was JPY 8,836 million. With the completion of the tender offer, Nakayo is set to become a consolidated subsidiary and a specified subsidiary of Ai Holdings, effective April 9, 2025, the settlement commencement date. Ai Holdings intends to proceed with squeeze-out procedures to become the sole shareholder of Nakayo, which will eventually lead to the delisting of Nakayo's shares from the Tokyo Stock Exchange. The acquisition aims to enhance Ai Holdings’ decarbonization system business, leveraging Nakayo’s manufacturing capabilities and environmental equipment expertise.