Toyoda Gosei reaffirms Ashimori Industry tender offer price

Toyoda Gosei launched a tender offer for Ashimori Industry's common shares and stock acquisition rights on August 12, 2025, set to conclude on September 24, 2025. The offer price is JPY 4,140 per common share and JPY 41,390 per stock acquisition right, and Toyoda Gosei affirmed it will not change this price, despite Ashimori's market price exceeding the offer since late August 2025. The offer price represents a premium of 45.83% over Ashimori's closing price on August 7, 2025.

The acquisition aims to fully integrate Ashimori Industry to accelerate decision-making and enhance responses to customer demands and market changes. Toyoda Gosei plans to position Ashimori's functional products business, particularly its Pal-Tem pipeline rehabilitation, as a core pillar of its new business, focusing on "safety and security" and "comfort."

The tender offer seeks to acquire a minimum of 2,308,100 shares, with a maximum of 4,324,138 shares, totaling approximately JPY 17.9 bn. If all shares are not acquired, Toyoda Gosei intends to proceed with squeeze-out procedures to make Ashimori Industry a wholly owned subsidiary and delist it.