Hakuhodo extends tender offer for Digital Holdings, adjusts schedule

Hakuhodo DY Holdings announced an extension of its tender offer for Digital Holdings until November 12, 2025, prolonging the acquisition period to 40 business days. This decision, made on October 28, 2025, aims to provide shareholders and stock acquisition rights holders with additional time to evaluate the offer and enhance the likelihood of a successful completion, following a review of the initial response. The initial tender offer, set at JPY 1,970 per share, commenced on September 12, 2025.

In parallel, Digital Holdings' board reiterated its support for the tender offer, maintaining that the decision to tender should rest with its shareholders. This stance was reinforced despite a competing proposal from SilverCape Investments Limited on September 22, 2025, offering JPY 2,380 per share. The Special Committee of Digital Holdings, after deliberation, concluded that the higher SilverCape offer makes it appropriate to leave the tendering decision to shareholders without a strong recommendation either way.

The extension of the tender offer also necessitated a change in the effective date for Hakuhodo's company split (simple absorption-type split) from November 5, 2025, to November 19, 2025. This adjustment ensures alignment between the acquisition process and the internal restructuring, which is conditional on the tender offer's completion. The commencement date of settlement for the tender offer has also been moved to November 19, 2025.