Daito Trust Construction said on 6 April it would launch a tender offer at ¥1,280 a share for THE Global, a Tokyo Stock Exchange-listed residential developer controlled by SBI Holdings, as the first step to making it a wholly owned subsidiary.
Why Daito Trust Construction Co., Ltd. is buying THE Global Co., Ltd.
Daito said THE Global's strengths in residential development in central Tokyo and its capital-efficient management would help it expand its real estate development business.
Deal terms and financing
The tender price of ¥1,280 was a 20.40% premium to THE Global's 3 April close of ¥897. SBI Holdings agreed not to tender its 51.95% stake, which THE Global would instead repurchase at ¥894 a share following a share consolidation funded as necessary by Daito. Asahi Kasei Homes signed an agreement to tender its shares.
Regulatory approvals and timing
The tender offer ran from 7 April to 22 May and Daito acquired 12,715,775 shares, a 44.92% voting stake, for about ¥16.3bn, settling on 28 May. A share consolidation took effect on 30 July and THE Global then bought back SBI's shares; Daito announced on 31 July 2026 that THE Global was wholly owned.
Market context
THE Global, listed on the Standard Market of the Tokyo Stock Exchange, was 51.95% owned by SBI Holdings, which first told it of Daito's interest in mid-December 2025. Daito raised its proposed tender price several times, reaching ¥1,280 in a fourth proposal on 30 March.
