Kalon raises tender offer price for Mandom, extends period

Kalon Holdings announced an amendment to its tender offer for Mandom Corporation, increasing the purchase price per share from JPY 1,960 to JPY 2,520. The tender offer period, initially from September 26, 2025, to December 4, 2025, has been extended to December 18, 2025. The settlement commencement date is also adjusted from December 11, 2025, to December 25, 2025.

The revision follows comprehensive consideration of Mandom's market price, shareholder feedback, and discussions with major institutional investors. The structure change aims to maximize the Tender Offer Price by enabling CVC Funds to achieve greater returns through an increased voting rights ratio in Lumina International Holdings' new SPC after the Re-Investment.

Mandom Corporation's board will evaluate the revised terms to determine if the transaction continues to serve the company's corporate value and shareholder interests, with an opinion to be announced shortly. The changes also involve an increase in investment from the Offeror Parent Company to JPY 61 bn and a loan from MUFG Bank to JPY 60 bn.