Shimizu Corporation to acquire Nippon Road Co. in tender offer

Shimizu Corporation (TSE:1803) announced the successful completion of its tender offer for the shares of The Nippon Road Co., Ltd. (TSE:1884) after the conclusion of the offer on June 25, 2025. The tender offer, initiated on May 15, 2025, saw a total of 16,796,643 shares tendered, exceeding the minimum threshold of 7,277,000 shares required for the offer to proceed. As a result, Shimizu Corporation will purchase all tendered shares at a price of JPY2,520 per share. This acquisition increases Shimizu Corporation’s voting rights in Nippon Road Co. from 50.11% to 88.33%. Shimizu Corporation intends to proceed with squeeze-out procedures to become the sole shareholder of Nippon Road Co., which will result in the delisting of Nippon Road Co. from the Tokyo Stock Exchange Prime Market. Settlement is scheduled for July 2, 2025.