BeNEXT Group Inc. (TSE:2154) entered into a merger agreement to acquire Yumeshin Holdings Co.,Ltd. (JASDAQ:2362) for ¥60.5 billion on January 29, 2021. As a part of the transaction, BeNEXT Group will issue 0.63 shares to acquire each share of Yumeshin Holdings. BeNEXT Group will issue 47.7 million shares which will be exercised by the shareholders of Yumeshin Holdings in the future. However, the 3.05 million shares of treasury stock held by Yumeshin Holdings will not be allotted through the merger. As per terms, BeNEXT Group Inc. will become the company surviving the merger and operate as “BeNext-Yumeshin Group Co." and YUMESHIN HD will become the company absorbed in the merger.

On February 3, 2021, it was resolved to integrate the management of both companies. BeNEXT Group's general meeting of shareholders scheduled to be held on March 26, 2021. The Management Integration is subject to the approval at the general meeting of shareholders of both companies. The Board of both the companies unanimously approved the integration. The Board of Directors resolved the deal. The transaction is effective on April 1, 2021. TMI Associates acted as a legal adviser to BeNEXT Group and iwaida partners acted as a legal adviser to Yumeshin Holdings. SBI Securities Co., Ltd. acted as third-party appraiser for BeNEXT and Trustees Advisory Co., Ltd. acted as third-party appraiser for Yumeshin. CT Corporation acts as transfer agent for BeNEXT Group Inc.