Bain Capital Private Equity, LP, Qian Kun and Takaaki Suzuki made an offer to acquire 55.9% stake in IGNIS LTD. (TSE:3689) from SK LTD. and others for ¥26.3 billion in a management buyout transaction on March 5, 2021. As of March 30, 2021, Bain Capital Private Equity, LP, Qian Kun and Takaaki Suzuki made an offer to acquire 54.2% stake in IGNIS LTD. from SK LTD. and others for ¥25.5 billion in a management buyout transaction. The terms were revised as the number of shares owned by Qian Kun changed due to an execution of pledge on the shares held by a third party. Under the terms, i3 Co., Ltd. will acquire 8,761,149 shares at ¥3,000 per share, 4th Stock Acquisition Rights at ¥4,450 per Stock Acquisition Right, 12th Stock Acquisition Rights at ¥353,400 per stock acquisition right, 13th Stock Acquisition Rights at ¥135,000 per Stock Acquisition Right, 15th Stock Acquisition Rights at ¥1 per stock acquisition right and 16th Stock Acquisition Rights at ¥1 per stock acquisition right. Qian Kun, Representative Director of IGNIS, owns 15.94% stake in IGNIS and Takaaki Suzuki, IGNIS’s CTO and Representative Director, owns 24.16% stake in IGNIS, prior to the transaction. Qian, Suzuki, and few other shareholders entered into an agreement to not tender their shares in the offer. Qian and Suzuki are expected to remain involved in the management of IGNIS following the completion of this offer. Post completion, the offeror will be surviving and IGNIS will be disappeared as part of merger. The Board of IGNIS LTD. resolved this transaction and recommend that the shareholders tender their shares, 4th, 12th and 13th Stock Acquisition Rights, but to leave the decision on whether the 15th and 16th Stock Acquisition Rights holders tender their rights to the judgement of those holders on March 5, 2021 and the resolution was mad on condition that i3 plans take IGNIS LTD.'s shares private through this offer and a series of subsequent procedures and that it is planned for shares to be delisted. If the offeror is unable to acquire all tendered shares, offeror plans to request for squeeze out process. The purchase period is from March 8, 2021 to April 19, 2021.