AEON launches tender offer to consolidate TSURUHA HOLDINGS

AEON CO., LTD. commenced a tender offer on December 3, 2025, to make TSURUHA HOLDINGS INC. a consolidated subsidiary. The offer price is 2,900 yen per share, representing a 5.69% premium over TSURUHA HOLDINGS' closing price on December 1, 2025. This follows a previous proposal of 2,280 yen per share. The tender offeror, currently holding 41.38% of TSURUHA HOLDINGS, aims to increase its ownership to 50.90% by acquiring up to 43,240,590 shares, with a maximum aggregate cost of 125,398 million yen.

The tender offer period runs from December 3, 2025, to January 6, 2026, with settlement expected on January 14, 2026. This move follows the satisfaction of preconditions from a capital and business alliance agreement dated April 11, 2025, and is designed to create Japan's largest drugstore alliance. AEON intends to maintain TSURUHA HOLDINGS' listing on the TSE Prime Market after the transaction.

The strategic acquisition is set to enhance profitability through a dominant strategy, accelerate overseas expansion, achieve cost reductions through joint procurement and logistics optimization, strengthen PB product development, and expand its dispensing pharmacy business.