Upsilon Fund L.P., fund of META Capital Co., Ltd made an offer to acquire 50.1% stake in Sawada Holdings Co., Ltd. (JASDAQ:8699) from Hideo Sawada, Shu Co., Ltd. and others for ¥20.9 billion on January 24, 2020. META Capital Co., Ltd will pay ¥1050 per share. Hideo Sawada, and Shu Co., Ltd. agreed to tender their shares amounting to 26.8% and 2.8% stakes respectively. The minimum and maximum number of shares to be acquired are 19.9 million shares. The final investment decision making body of META, held meeting on January 24, 2020 and decided to implement the offer. Board of Directors of Sawada Holdings unanimously approved the transaction. Tender period is from February 20, 2020 to April 20, 2020. As on March 9, 2020, tender period is extended to March 24, 2020. As of March 23, 2020, the tender offer has been extended to April 7, 2020. As of April 6, 2020, the tender offer has been extended to April 27, 2020. As of April 17, 2020, the tender offer has been extended to May 21, 2020. As of May 20, 2020, the tender period is extended to June 3, 2020. As of May 26, 2020, the tender period is extended to June 9, 2020. On June 8, 2020, the purchase period is extended to June 22, 2020 and the settlement date is June 29, 2020. On June 18, 2020, the purchase period is extended to July 2, 2020 and the settlement date is July 9, 2020. On June 30, 2020, the purchase period is extended from July 2, 2020 to July 14, 2020 and the settlement date is July 21, 2020. On July 13, 2020, the purchase period is extended to July 29, 2020 and the settlement date is August 5, 2020. On July 29, 2020, the purchase period is extended to August 13, 2020 and the settlement date is August 20, 2020. On August 12, 2020, the purchase period was extended to August 26, 2020 and the settlement date is September 2, 2020. On August 25, 2020, the tender offer period is extended to September 8, 2020. On September 8, 2020, the tender offer period is extended to September 24, 2020. On September 18, 2020, the purchase period was extended to October 6, 2020 and the settlement date is October 13, 2020. On September 23, 2020, Sawada Holdings Co., Ltd. opposes the tender offer following the decision by the Central Bank of Mongolia that the Upsilon Investment Limited Partnership cannot obtain prior approval at this time. On September 25, 2020, the purchase period was extended to October 9, 2020 and the settlement date is October 16, 2020. On October 2, 2020, the purchase period was extended to October 15, 2020 and the settlement date is October 22, 2020. On October 15, 2020, the purchase period was extended to October 29, 2020 and the settlement date is November 6, 2020. On October 29, 2020, the purchase period was extended to November 13, 2020 and the settlement date is November 20, 2020. On November 13, 2020, period of purchase was extended to November 30, 2020 and the settlement date is December 7, 2020. On November 27, 2020, period of purchase was extended to December 11, 2020 and the settlement date is December 18, 2020. On December 10, 2020, the period of purchase was extended to December 24, 2020 and the settlement date is January 4, 2021. On December 24, 2020, the period of purchase was extended from February 20, 2020 to January 14, 2021 and the settlement date is January 21, 2021. As of January 14, 2021, the period of purchase will be until January 28, 2021 and the settlement date is on February 4, 2021. As of January 27, 2021, the period of purchase will be until February 10, 2021 and the settlement date is on February 18, 2021. As of February 12, 2021, the period of purchase will be until February 26, 2021 and the settlement date is on March 5, 2021. As of February 26, 2021, the period of purchase will be until March 12, 2021 and the settlement date is on March 19, 2021. As of March 10, 2021, the period of purchase will be until March 24, 2021 and the settlement date is on March 31, 2021. As of March 24, 2021, the period of purchase will be until April 7, 2021 and the settlement date is on April 14, 2021. As of April 7, 2021, the period of purchase will be until April 21, 2021 and the settlement date is on April 28, 2021. As of April 21, 2021, the period of purchase will be until May 11, 2021 and the settlement date is on May 18, 2021. As of May 11, 2021, the period of purchase will be until May 25, 2021 and the settlement date is on June 1, 2021. As of May 24, 2021, the period of purchase will be until June 7, 2021 and the settlement date is on June 14, 2021. As of June 4, 2021, the period has been extended to June 18, 2021 and the settlement date is on June 25, 2021. As of June 21, 2021, the period has been extended to July 2, 2021 and the settlement date is on June 9, 2021. Tender offer agent has been changed to Mita Securities Co., Ltd. from SBI Securities Ltd. Upsilon Fund L.P., fund managed by META Capital Co., Ltd terminated the acquisition of Sawada Holdings Co., Ltd. (JASDAQ:8699) from Hideo Sawada, Shu Co., Ltd. and others on June 29, 2021. Upsilon did not received approval in advance from Bank of Mongolia and company can not continue to wait for contact regardless pre approval.