Senko Group Holdings announced on 23 January that it would launch a tender offer for Tokyo-listed logistics company Maruwn at ¥949 per share, aiming to take it private.
Why Senko Group Holdings is buying Maruwn Corporation
Senko said Maruwn's capabilities fill gaps in areas it had not fully entered, such as chemical logistics and heavy-cargo transport.
Deal terms and financing
The offer ran from 26 January, sought up to 17,613,808 shares for about ¥16.7bn, and had a minimum of 3,200,400 shares. JX Metals, which held 38.23%, signed a non-tender agreement; after a squeeze-out Senko was to hold 80% of the voting rights and JX Metals 20%. Maruwn's board supported the offer.
Regulatory approvals and timing
The offer period was extended to 5 March. Maruwn's extraordinary report filed on 6 March said 16,484,918 shares were tendered and Senko's voting stake would rise to 57.86% on settlement on 12 March. Shareholders approved a share consolidation on 8 May, and Maruwn was delisted from the Tokyo Stock Exchange on 4 June 2026.
