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TOHO HOLDINGS CO., LTD.

Toho Holdings Co., Ltd. is a Japanese company engaged in the wholesale distribution of pharmaceutical products. It operates through four segments: Pharmaceutical Wholesale Business, Dispensing Pharmacy Business, Pharmaceutical Manufacturing and Sales Business, and Other Peripheral Businesses. The company sells pharmaceuticals, narcotics, reagents, and medical devices to hospitals, clinics, and dispensing pharmacies. It also manages dispensing pharmacies, operates health insurance pharmacies, provides home medical care support, and offers services such as customer support systems, management consulting, and personnel recruitment. Incorporated in 1948, it is headquartered in Chuo, Japan.

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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.
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Investing.com·3dRead more →
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3D seeks injunction to block Toho Holdings' takeover defense

Singapore-based investment fund 3D Investment Partners filed a petition with the Tokyo District Court on the 13th for a provisional injunction to block pharmaceutical wholesaler Toho Holdings from activating its takeover defense. 3D is the largest shareholder with about 24 percent of Toho Holdings shares on a voting rights basis and has indicated plans to raise its stake to 27 percent. Toho Holdings introduced a takeover defense that could dilute 3D's stake through a gratis allotment of share subscription rights if 3D made additional purchases, and the proposal needed to activate the defense was approved with 54.7 percent support at the June shareholders' meeting. In a statement, 3D said its holding would not reach the level the company claims would give it an effective veto, and it also denies any intention to acquire control, arguing that no contest for management control exists as a precondition for activating the defense. 3D said the defense is strongly suspected of being a self-protection measure by management aimed at curbing the influence of shareholders seeking governance improvements.
8129.JP · Regulation · Negative Toho Holdings faces a legal challenge to its takeover defense, potentially blocking a measure that protects management.
3D Investment Partners · Regulation · Positive 3D Investment Partners seeks an injunction to block Toho's takeover defense, which would allow it to increase its stake without dilution.
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3D Investment Partners Urges Toho Holdings Shareholders to Vote Against Poison Pill

3D Investment Partners, holding approximately 24% of voting rights in Toho Holdings, published its views on all 17 questions in Toho HD's FAQs, arguing that the company's poison pill is being invoked for entrenchment purposes. 3D asserts that Toho HD has not identified any specific errors in 3D's disclosures, which are based on primary sources, and that Toho HD itself has given explanations contrary to fact, including dismissing written statements by its own CEO and COO about undiscovered misconduct. 3D also claims that Toho HD concealed critical information, such as a draft Written Pledge capping 3D's voting rights at 30%, and that the Independent Committee chair lacks substantive independence due to ties with a business partner. 3D is urging shareholders to vote against Proposal No. 4 at the upcoming Annual General Meeting of Shareholders.
8129.JP · Capital · Negative 3D Investment Partners urges shareholders to vote against the poison pill, which could weaken management's defense and pressure the board.
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Business Wire·109dRead more →