Bain Capital Private Equity, LP and Haruhiko Doi made an offer to acquire OUTSOURCING Inc. (TSE:2427) from Haruhiko Doi and others for approximately ¥220 billion in a Tender offer transaction on December 8, 2023. The tender offer price is ¥1755 per share. Chairman and Chief Executive Officer, Haruhiko Doi will tender his entire stake and then reinvest in OUTSOURCING.

Post reinvestment, Bain Capital shall own up to 95% stake. The offer is conditional on 83.9 million of minimum number of tendered shares to be purchased. The offer has been approved by the Board of Directors of OUTSOURCING on the recommendation of the Special Committee.

The squeeze-out process will be performed to acquire remaining shares after completion of the tender offer. As on January 17, 2024, K.K. BCJ-74 filed a prior notification to the European Commission. Clearance from European Commission is expected to obtain by late February 2024.

Mori Hamada & Matsumoto acted as legal advisor, Nomura Securities Co., Ltd. acted as financial advisor and Plutus Consulting Co., Ltd. acted as financial advisor and provided fairness opinion for OUTSOURCING. Mitsubishi UFJ Morgan Stanley Securities acted as financial advisor to Bain.