Mandom stake falls to zero: Hibiki Path Advisors SPC
TL;DR
Hibiki Path Advisors has reduced its stake in Mandom Corporation to zero after criticizing a management buyout offer as undervalued, highlighting governance concerns. The firm is shifting its portfolio, as seen with a new investment in Japan Pure Chemical.
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Mandom stake falls to zero: Hibiki Path Advisors SPC
Hibiki Path Advisors SPC Reduces Mandom Stake to Zero
As of March 2026, Hibiki Path Advisors SPC, a Singapore-based investment firm, has reduced its stake in Japanese personal care and cosmetics company Mandom Corporation (TYO: 4917) to zero, according to recent disclosures. This follows Hibiki's prior engagement with the company, including public concerns over the valuation of a proposed management buyout (MBO) in late 2025.
Hibiki initially built a position in Mandom in July 2024 and actively supported its restructuring efforts as a minority shareholder. On September 10, 2025, the company announced a tender offer led by Mandom's founding family and backed by CVC Capital Partners, valuing the firm at approximately ¥88.5 billion, or ¥1,960 per share. Hibiki criticized the offer as significantly undervaluing the company, noting a 35% gap between the tender price and Mandom's disclosed target share price of ¥3,000 for fiscal 2028. The firm formally raised these concerns via letters to Mandom's board and special committee, emphasizing the need for transparency in the conflicted MBO transaction.
While the firm's current stake in Mandom is now zero, the specific timing and rationale for the full divestment remain unspecified in available materials. A separate report from September 2025 indicated Hibiki had reduced its stake in Mandom from a previously disclosed position. The firm's recent acquisition of a 13% stake in Japan Pure Chemical (TYO: 4973) suggests a strategic shift in portfolio allocations.
Hibiki's actions highlight ongoing debates over corporate governance and shareholder value in MBO transactions. Mandom's board has not publicly responded to Hibiki's inquiries, and the tender offer's outcome remains pending. Investors are advised to monitor further developments in the tender process and Hibiki's evolving investment strategy.
BusinessWire, September 10, 2025: BusinessWire, September 10, 2025
Moomoo Technologies Inc., undated report: Moomoo Technologies Inc., undated report
Hibiki Path Advisors, January 30 filing: Hibiki Path Advisors, January 30 filing for Japan Pure Chemical
