Kalon Holdings extends Mandom tender offer period to December 4

Kalon Holdings Co., Ltd. has extended its tender offer for Mandom Corporation shares, with the new period running from September 26, 2025, to December 4, 2025, totaling 47 business days. This decision, announced on November 19, 2025, aims to give Mandom shareholders more time to decide and increase the likelihood of the tender offer's success, considering market prices and tender status since the September 26, 2025, commencement. The previous tender offer period was set to end on November 19, 2025, a prior extension from November 10, 2025.

Consequently, the settlement start date for the tender offer is now December 11, 2025. This extension necessitates amendments to the Tender Offer Registration Statement, originally filed on September 26, 2025, with subsequent amendments on October 6, 2025, October 10, 2025, and November 5, 2025. Mandom Corporation had previously revised its stance, maintaining its opinion in favor of the tender offer but withdrawing its recommendation for shareholders to tender their shares.

The extended tender offer period also impacts the timeline for subsequent organizational restructuring. The extraordinary shareholders' meeting for share consolidation and articles of incorporation amendments, originally planned for mid-January 2026, is now scheduled for early February 2026. The squeeze-out procedures are expected in early March 2026, and the absorption-type merger in early to mid-May 2026, followed by share exchange and re-investment in mid-to-late May 2026.