Asahi Kasei Homes, the housing arm of Asahi Kasei, has launched a tender offer at ¥564 per share to take full ownership of construction company Mori-Gumi, valuing it at about ¥18.5bn (US$116m), the companies said on 12 November 2026.
Why Asahi Kasei Homes Corporation (Asahi Kasei Corporation) is buying Mori-Gumi Co., Ltd.
Asahi Kasei Homes said its medium-term plan treats contract construction as its core while using real estate development and overseas businesses as growth drivers. Mori-Gumi, founded in Nara in 1899, carries out civil engineering, building construction and real estate work nationwide.
Deal terms and financing
The offer price of ¥564 is a 79.05% premium to Mori-Gumi's 11 November close of ¥315. Asahi Kasei Homes, which holds 9,911,000 shares (30.26%), set a minimum of 11,922,100 shares so that it would reach two-thirds of the votes, and plans a squeeze-out afterwards. Haseko Corporation has agreed to tender its 2,624,000 shares (8.01%). The bidder will fund the purchase with a loan of up to ¥15bn from parent Asahi Kasei. The price was raised from an initial proposal of ¥479 through several rounds of negotiation.
Regulatory approvals and timing
The tender offer runs from 13 November 2026 to 7 January 2027. Mori-Gumi's board has expressed support and recommended that shareholders tender.
Market context
Asahi Kasei Homes became Mori-Gumi's largest shareholder in May 2016, buying 30.26% from Haseko and Hankyu Corporation at ¥222 a share under a business and capital alliance covering mid- and high-rise construction and large-scale renovation.
