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PHC Holdings Confirms Toho Takeover Proposal, Shares Hit Near 4-Year High
PHC Holdings confirmed it has received an initial, non-binding takeover proposal from Toho Holdings, sending its shares up 13.6% to 1,625 yen on Thursday, an intraday high of 1,644 yen and their highest level since November 25, 2022. Toho, a Japanese pharmaceutical wholesaler, has proposed acquiring PHC for more than ¥200 billion, or $1.3 billion, and is conducting due diligence, according to Bloomberg, which cited people familiar with the matter. That reported deal value compares with PHC's market capitalization of roughly ¥182 billion, and the eventual tender offer price is expected to include a premium. Toho is currently the only prospective buyer in concrete discussions, though domestic investment funds have also shown interest, and both Toho and KKR, PHC's largest shareholder with about a 38% stake, have appointed financial advisers. PHC said no decision has been made on a transaction and that it will disclose further information if a matter requiring disclosure is decided.
6523.JP · Capital · Positive PHC confirmed a takeover proposal from Toho at a value above its market cap with an expected premium, sending shares up 13.6%.
8129.JP · Capital · Neutral Toho made a non-binding >¥200bn takeover proposal for PHC and is in due diligence, but no outcome or terms are decided.
KKR · Capital · Neutral KKR is PHC's largest shareholder (~38%) and has appointed financial advisers, but the article gives no clear read on whether the takeover proposal benefits or hurts KKR.