Canon to take electronics subsidiary private in $3.65bn tender offer

Canon Inc. announced a tender offer to acquire all outstanding shares of its consolidated subsidiary, Canon Electronics Inc., with a bid of 3,650 yen per share. This move aims to make Canon Electronics a wholly-owned subsidiary, reinforcing group-wide management and fostering growth, particularly in the space business. The tender offer is scheduled from December 1, 2025, to January 19, 2026.

Canon currently holds 55.01% of Canon Electronics' shares. The minimum purchase target is 4,738,100 shares (11.58% ownership), ensuring Canon secures at least two-thirds of voting rights for a subsequent share consolidation and delisting, if necessary. The offer price represents a premium of 33.41% over the closing price on November 27, 2025.

The transaction is supported by Canon Electronics' board and a special committee, which deemed the offer fair and reasonable following independent valuations and negotiations. Canon Electronics will cease trading on the Tokyo Stock Exchange's Prime Market after the acquisition and delisting procedures are complete.