Hogy Medical board backs Carlyle-backed tender offer

TCG2509, a corporation established on November 13, 2025, and wholly owned by Carlyle Fund, a limited partnership managed by The Carlyle Group, has launched a tender offer to acquire all common shares of Hogy Medical Co., Ltd. at 6,700 yen per share. The tender offer period runs from December 18, 2025, to February 5, 2026. TCG2509 intends to make Hogy Medical a wholly-owned subsidiary to enhance corporate value through strategic initiatives.

Hogy Medical's board of directors has expressed support for the tender offer, recommending that shareholders tender their shares. This decision is based on the expectation that Hogy Medical shares will be delisted following the completion of the tender offer and subsequent procedures. In light of the offer, the board has revised its dividend forecast to 0.00 yen for the third quarter and year-end of the fiscal year ending March 31, 2026, and will abolish the shareholder benefit program starting from the fiscal year ending March 31, 2027.

The acquisition aims to leverage Carlyle's global network and management expertise to drive Hogy Medical's growth, addressing challenges such as slowing sales growth and declining profit margins. The offer price of 6,700 yen represents a premium ranging from 1.82% to 32.65% over Hogy Medical's share prices across various periods leading up to the announcement.