Kalon Holdings amends Mandom tender offer, removes Vietnam approval condition

Kalon Holdings Co., Ltd. has further amended its tender offer for Mandom Corporation shares, initially launched on September 26, 2025. This latest amendment, filed with the Kanto Local Finance Bureau on October 10, 2025, incorporates clarifications to the public tender offer commencement announcement.

The primary change addresses the conditions for withdrawal of the tender offer. The initial announcement from October 6, 2025, included a provision allowing withdrawal if approval for acquiring Target Company Shares from the National Competition Commission of Vietnam was not obtained. This condition has been removed in the October 10, 2025, amendment.

The tender offer, part of a strategy to privatize Mandom Corporation, maintains its other withdrawal conditions, including those related to potential cease and desist orders from the Japan Fair Trade Commission or emergency injunctions. The threshold for withdrawal based on dividends or share repurchases remains at 10% of net assets (JPY 5,403 million).