Effisimo gets Soft99 majority stake via additional TOB: Nikkei
TL;DR
Effissimo Capital Management acquired a majority stake in Soft99 Corporation through a two-step tender offer, totaling ¥84.2 billion. The deal includes a 31.33% stake bought in November 2025 and a planned 68.66% stake acquisition in 2026, reflecting a premium valuation opposed by Soft99's management.
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Effisimo gets Soft99 majority stake via additional TOB: Nikkei
Effissimo Capital Management Pte Ltd. has secured a majority stake in Soft99 Corporation (TSE:4464) through a two-step tender offer process. On November 13, 2025, the firm completed the acquisition of a 31.33% stake in the Japanese car care products manufacturer for ¥27.7 billion, marking the first phase of its buyout strategy. Building on this, Effissimo signed a letter of intent on January 19, 2026 to acquire the remaining 68.66% stake for ¥56.5 billion, valued at ¥4,100 per share, bringing the total proposed ownership to 99.99%. The second tender offer's public notice was issued on January 22, 2026, with settlement scheduled for March 13, 2026.
The transaction, totaling ¥84.2 billion across both phases, reflects a premium valuation compared to Soft99's management buyout (MBO) proposal, which the company's leadership opposes as undervalued. Tachibana Securities Co., Ltd. served as the tender offer agent for the second phase, while DMM.com Securities Co., Ltd. acted as sub-agent for the initial acquisition. Meanwhile, Hong Kong-based hedge fund Oasis Management Co. is reported to hold an undisclosed stake in Soft99, though below the 5% threshold requiring public disclosure. The buyout surge in Japan has drawn attention from activist investors, who increasingly advocate for minority shareholders amid rising tender offer activity.
Effissimo's acquisition underscores ongoing consolidation in Japan's corporate landscape, with tender offers reshaping ownership structures amid competitive bidding dynamics.
