Aeon amends Tsuruha tender offer following stock split

Aeon Co., Ltd. announced a partial amendment to its planned tender offer for Tsuruha Holdings Inc., originally disclosed on April 11, 2025. This change follows Tsuruha's five-for-one stock split, which took effect today. The revised tender offer price is JPY 2,280 per common share, down from the initial JPY 11,400.

The number of shares to be acquired and the upper limit of shares to be acquired have both been adjusted to 57,012,650 shares, an increase from the previous 11,357,170 shares, reflecting the stock split. Aeon’s ownership percentage in Tsuruha’s voting rights remains largely unchanged at 38.86% before the tender offer and 50.66% after, indicating a proportional adjustment.

Aeon reaffirms its intention to commence the tender offer around early December 2025, pending the satisfaction or waiver of all prerequisite conditions. Further details will be announced once a formal decision is made.