Mandom shifts MBO stance after receiving third-party acquisition bid

Mandom Corporation announced a partial amendment to its previous MBO recommendation, shifting from recommending shareholders tender their shares to a neutral position. This change follows a non-binding letter of intent from a third-party candidate on December 10, 2025, proposing to take Mandom private at a price exceeding the current tender offer price of 2,520 yen. Mandom had been actively seeking alternative acquisition proposals since November 4, 2025.

In response, Calon Holdings Corporation, the original tender offeror, filed an amendment to its tender offer registration statement. This extends the tender offer period to January 5, 2026, from the previously announced December 18, 2025, allowing for a 10-business-day extension. Calon Holdings noted the third-party proposal's realization and funding remain uncertain, making Mandom's early and reliable sale opportunity through the existing tender offer advantageous.

Mandom will continue to evaluate the third-party proposal's feasibility and potential to enhance corporate value. Calon Holdings plans no further extensions beyond what is legally required. The planned extraordinary general meeting for Mandom’s share consolidation is now expected in early March 2026, instead of mid-February.