Mandom board recommends tender offer in CVC-backed management buyout

Mandom Corporation's board of directors resolved to support a management buyout (MBO) by Caron Holdings, recommending shareholders tender their shares. The tender offer price is 1,960 yen per share.

The MBO is contingent on regulatory clearances in Japan and Vietnam, with initial approval in Vietnam anticipated around October 22, 2025. Caron Holdings plans to acquire all Mandom shares, excluding those held by Mandom itself and non-tendering shareholders, with a minimum tender of 25,285,200 shares (56.02% ownership).

Following the tender offer, Caron Holdings intends to make Mandom a private company through a squeeze-out process. Mandom also announced it will withdraw its interim and year-end dividends for the fiscal year ending March 2026, and discontinue its shareholder benefit program conditional on the MBO's success. This strategic shift aims to enable aggressive investments and organizational reforms without the short-term pressures of public markets.

The board's decision was informed by independent financial and legal advice, and a special committee approved the 1,960 yen tender offer price as fair, noting it represents a significant premium over recent market prices.