Mandom extends MBO tender offer period again, board neutral on recommendation

Mandom Corporation has made a partial amendment to its previous "Notice regarding Expression of Opinion in favor of Implementation of MBO and Recommendation to Tender Shares." This amendment extends the tender offer period for the company's common shares to December 4, 2025, from the previously extended November 19, 2025, resulting in a total of 47 business days. This decision by the Tender Offeror, Kalon Holdings Co., Ltd., aims to provide shareholders more time to evaluate the offer and increase the likelihood of a successful completion.

While Mandom's board maintains its opinion in favor of the MBO, it has withdrawn its recommendation for shareholders to tender their shares, adopting a neutral stance. The company leaves the decision to each shareholder's discretion. This change, first announced on November 4, 2025, necessitated amendments to the Tender Offer Registration Statement.

Key post-tender offer timeline adjustments include the successful completion now anticipated in early December 2025, with squeeze-out procedures scheduled for early March 2026, and absorption-type mergers for early to mid-May 2026. The extraordinary shareholders' meeting, which will address share consolidation, is now planned for early February 2026.