Mandom Corporation backs tender offer, revises dividend forecast to zero

Mandom Corporation announced on September 10, 2025, its board's decision to support a tender offer by Kalon Holdings, Co., Ltd. for 1,960 yen per share, as part of a management buyout (MBO) to take the company private. The board also recommends shareholders tender their shares, with the Tender Offeror aiming to commence the offer around late September 2025, pending regulatory clearances. This offer represents a premium of 30.41% over Mandom's closing price on September 9, 2025.

The MBO is intended to facilitate long-term growth strategies by allowing for concentrated investments and M&A without short-term market pressures. A special committee, comprising independent directors and auditors, found the terms fair after multiple negotiations that increased the initial offer price from 1,600 yen to 1,960 yen per share.

In a related announcement, Mandom Corporation resolved to revise its dividend forecast for the fiscal year ending March 31, 2026, to zero (no interim or year-end dividend) and to abolish its shareholder benefit plan, conditional on the tender offer's successful completion.