Kohnan Shoji said on 12 February 2026 that it would launch a tender offer for Arenza Holdings at ¥1,465 per share and sign a capital and business alliance with the company and its parent, Valor Holdings, in a deal worth about ¥21.9bn.
Why Kohnan Shoji Co., Ltd. is buying Arenza Holdings Co., Ltd. (minority stake)
Kohnan, which operates 652 stores in Japan and 19 in Vietnam and Cambodia and ranks third in Japan's home-centre sector by sales, said the industry faced tougher competition from other formats, cost inflation from a weak yen and changing consumer habits, making greater scale a priority. Arenza runs home centres and pet stores.
Deal terms and financing
Valor Holdings agreed not to tender its 15,277,114 shares and to vote for a share consolidation after the offer. Arenza's chairman and his family company agreed to tender their shares. The offer ran from 13 February to 30 March 2026.
Regulatory approvals and timing
The offer succeeded with 11,686,674 shares tendered, above the 4,744,300 minimum. Arenza became an equity-method affiliate of Kohnan on 6 April 2026, with Kohnan holding 38.77% of the voting rights and Valor 50.68%, and Arenza is expected to be delisted after the share consolidation.
Market context
Arenza was formed in 2016 as a holding company for home-centre operator Daiyu Eight and Rick Corporation. It signed an alliance with Valor Holdings in November 2018 and took over Valor's Home Center Valor unit through a share exchange in April 2019.
