Aeon's tender offer for Tsuruha Holdings commences at 2,900 yen

Tsuruha Holdings resolved to support Aeon Co.'s tender offer for its common shares at 2,900 yen per share, which began on December 3, 2025. This decision, approved by Tsuruha's board of directors on December 2, 2025, reflects the companies' aim to create Japan's largest drugstore alliance. The offer price includes a 5.69% premium over Tsuruha's closing share price of 2,744.0 yen on December 1, 2025.

The tender offer is part of a broader capital and business alliance, where Aeon plans to acquire additional Tsuruha shares to reach a 50.9% voting rights stake. Tsuruha will remain listed on the Tokyo Stock Exchange Prime Market, maintaining its independent management and corporate culture while leveraging synergies in areas such as store development, procurement, logistics, and digital initiatives. The board decided not to obtain an independent valuation of the share price, as shareholders will retain the option to hold shares post-tender offer.