FHL Holdings' tender offer for Tenma succeeds, stake changes

FHL Holdings Co., Ltd.'s (FHL) tender offer for Tenma Corporation (TSE:7958) concluded on April 28, 2025, with 10,210,444 shares tendered, exceeding the minimum target of 6,764,800 shares. As a result, FHL will become Tenma's new parent company and largest shareholder, effective May 9, 2025. Consequently, Dalton Investments Inc., previously Tenma's largest shareholder, will no longer hold that position as FHL acquired all shares tendered. The tender offer price was set at JPY 3,580 per share. FHL intends to acquire all remaining shares through subsequent procedures, aiming to delist Tenma from the Tokyo Stock Exchange (TSE).