Tokai Tokyo Financial Holdings, Inc. (TSE:8616) made an offer to acquire remaining 70.8% stake in Ace Securities Co., Ltd. from a group of investors for ¥11.4 billion on February 12, 2021. Under the terms of transactions, Tokai Tokyo Financial Holdings, Inc. will acquire 3.5 million shares as price of ¥3220 per share. The offer is subject to approval from Japan Fair Trade Commission If the total number of tendered shares is less than the minimum number of shares to be purchased 1.9 million shares, none of the tendered shares will be purchased. Any facts concerning the impact of the Tender Offer on the Company's consolidated business results that should be disclosed are currently under scrutiny and will be promptly published if they arise. The tender offer is valid from February 15, 2021 to March 29, 2021. KPMG FAS Co., Ltd. acted as financial advisor and Kitahama Partners acted as legal advisor to Ace Securities Co in the deal.

Tokai Tokyo Financial Holdings, Inc. (TSE:8616) completed the acquisition of remaining 70.8% stake in Ace Securities Co., Ltd. from a group of investors for ¥10.5 billion on March 29, 2021. Post-closing of offer on March 29, 2021, 3.27 million shares were tendered. Post-closing, Tokai Tokyo Financial Holdings, Inc. will hold 94.86% stake in Ace Securities Co., Ltd. Tokai Tokyo Financial Holdings, Inc. plans to execute a series of procedures to make Ace Securities Co., Ltd. its wholly-owned subsidiary. The settlement date is April 16, 2021. As of April 16, 2021, number of validly tendered shares are 3.273862 million.