Kadoya Sesame Mills said on 28 October 2026 that it had received a legally binding proposal to take it private at up to ¥3,000 a share from a fund that Nikkei and Bloomberg identified as Advantage Partners, challenging a ¥2,514 tender offer by Integral that is under way.
Deal terms and financing
The bidder would buy shares through a special purpose company, with shares held by Mitsubishi Corp, Mitsui & Co and two founding-family companies acquired through company buybacks under non-tender agreements. The tender price would be ¥3,000, ¥2,907 or ¥2,872 depending on which of those agreements are signed, or ¥2,654 if no buyback takes place. The offer would run for about 30 business days with no maximum and a minimum securing two-thirds of voting rights.
Regulatory approvals and timing
Kadoya has asked ITG-G Holdings to discuss raising its price. If ITG-G does not match by 29 October, or by 6 November if it extends its offer, Kadoya may withdraw its support and terminate their tender offer agreement. The board's recommendation in favour of the ITG-G offer is unchanged for now.
Market context
Integral's vehicle, ITG-G Holdings, launched its ¥2,514 offer on 15 September with Kadoya's board backing. Mitsubishi Corp and Mitsui & Co are Kadoya's largest shareholders; the new bidder said it is negotiating non-tender terms with Mitsubishi Corp and holding talks with Mitsui & Co.
