Maruwa Unyu Kikan Co.,Ltd. (TSE:9090) made a tender offer to acquire a 60% stake in PHYZ Holdings Inc. (TSE : 9325) for ¥4.3 billion on February 18, 2022. Maruwa will pay ¥670 cash per share to acquire 6,431,000 shares, representing approximately 60% stake in PHYZ. The offer is conditional upon acceptance of minimum 5,629,500 tender shares.

The offer period starts on February 21, 2022 and ends on March 22, 2022. The offer period could be extended until April 5, 2022, if PHYZ requests an extension of the tender offer period pursuant to the provisions of Article 27-10, Paragraph 3 of the Act. The impact of the transfer on the consolidated financial results of the tender offeror for the current fiscal year is currently under scrutiny.

City-Yuwa Partners acted as legal advisors, Daiwa Securities appointed as financial advisor and Mizuho Securities acted as fairness opinion provider of PHYZ.