Aeon adjusts TSURUHA HOLDINGS tender offer after stock split

Aeon Co., Ltd. announced a partial amendment to its previously disclosed tender offer for TSURUHA HOLDINGS INC. shares, effective September 1, 2025. This adjustment follows a 1-for-5 stock split by TSURUHA HOLDINGS, impacting the tender offer price and the number of shares to be purchased. The revised tender offer price is now JPY 2,280 per share, down from the initial JPY 11,400, while the maximum and minimum number of shares to be purchased has increased from 11,357,170 to 57,012,650 shares.

The amendment is solely a proportionate adjustment due to the stock split, with all other conditions from the original April 11, 2025, announcement remaining unchanged. Aeon still intends to commence the tender offer in early December 2025, contingent upon the satisfaction or waiver of preconditions.

The calculation for the number of shares to be purchased considers TSURUHA HOLDINGS' issued shares, treasury shares, WELCIA Group's holdings, and shares to be issued in connection with a share exchange, aiming for 50.9% ownership. The total voting rights of TSURUHA HOLDINGS shareholders have been adjusted to 4,834,974, reflecting the stock split.