Foresight's tender offer for Proto Corp. successful, stake changes imminent

Nagoya-based Foresight Inc. announced the successful completion of its tender offer for the common stock of Proto Corporation (TSE:4298) on April 4, 2025. The offer, which commenced on February 5, saw a total of 12,497,499 shares tendered, exceeding the minimum target of 11,567,000 shares and triggering the purchase of all tendered shares. Consequently, Foresight is set to become Proto Corporation’s new parent company and a major shareholder, effective April 11, 2025, the settlement commencement date. As a result of the transaction, Foresight, along with its closely related party Mugen, will hold over 50% of the voting rights in Proto. The tender offer price was set at JPY 2,100 per share. Foresight intends to acquire all remaining shares of Proto, except for those held by Proto itself and certain agreed-upon shares, eventually leading to Proto's delisting from the Tokyo and Nagoya Stock Exchanges.