Kewpie to acquire AOHATA Corporation in simplified share exchange

Kewpie Corporation (TSE: 2809) and AOHATA Corporation have agreed to a share exchange, with Kewpie acquiring full ownership of AOHATA. The boards of directors of both companies resolved to execute the agreement today, with AOHATA becoming a wholly owned Kewpie subsidiary on November 1, 2025, pending shareholder approval. According to the agreement, Kewpie will deliver 0.91 shares of its common stock for each AOHATA share, valuing AOHATA at approximately JPY 24,000 million. Kewpie will use treasury shares for the exchange, avoiding the issuance of new shares. The move aims to improve capital efficiency and accelerate information and resource sharing. To improve shareholder value, Kewpie intends to separately repurchase 9,600,000 of its own shares. AOHATA's shares will be delisted from the Tokyo Stock Exchange on October 30, 2025. AOHATA is expected to hold a shareholder meeting on September 25, 2025, to approve the share exchange agreement.