The Bank of Yokohama, Ltd. made an offer to acquire 94.05264% stake in The Kanagawa BANK,LTD. from group of sellers for ¥8.5 billion on February 3, 2023. As per the terms of the transaction, The Bank of Yokohama offered ¥1,716 for each common stock of Kanagawa bank, and 10,008 yen for each preferable stock. The offeror has set the minimum number of shares to be purchased to 2,810,600.

The tender offer will commence from February 6, 2023, and will close on April 4, 2023. If threshold of 90% is achieved the offeror will go for the squeeze out procedures. KPMG FAS Co., Ltd. acted as a financial advisor, Yasutaka Nishikori, Tatsuya Tanigawa, Tatsuya Nakayama, Susumu Tanizawa and Kazumaro Kobayashi of Nishimura & Asahi acted as a legal advisor to The kanagawa bank.

Deloitte Tohmatsu Financial Advisory LLC, SMBC Nikko Securities Inc. acted as financial advisors, Mori Hamada & Matsumoto LPC acted as a legal advisor to The Bank of Yokohama, Ltd.. SMBC Nikko Securities Inc. also provided the fairness opinion to Yokohama.