Chiikishinbunsha probes alleged "wolfpack" takeover attempt, seeks more shareholder data

Chiikishinbunsha announced it has sent additional question letters to certain shareholders, spurred by media reports alleging a "wolfpack" style management takeover. This action follows the company's prior announcements on November 10 and November 20, 2025, regarding the initiation of an investigation into potential concerted actions by these shareholders. The company suspects these shareholders, including YN Kikaku Godo Kaisha, Happy Horse Godo Kaisha, and KING Yūgen Sekinin Jigyō Kumiai, whose combined holdings exceeded 20% as of August 31, 2025, may be engaged in coordinated activities.

The company's concern escalated after an Access Journal article dated November 23, 2025, mentioned individuals associated with the alleged takeover strategy stating, "we are attempting a hostile takeover." This suspicion initially arose from changes in major shareholders, including the top shareholder, as disclosed on October 28, 2025. Investigations into shareholder registers from August 31 and October 31, 2025, revealed multiple changes among major shareholders, leading to initial background checks.

Chiikishinbunsha has resolved to begin an investigation into the existence of concerted actions by these specific shareholders and has consulted an independent committee regarding whether to certify that concerted actions are indeed taking place. The company aims to ensure fair general meeting operations and will provide information to regulatory authorities as appropriate.