ITOCHU will start its tender offer for Dentsu Soken on 2 November 2026 after all pre-conditions were satisfied, the trading house said on 30 October, buying the shares Dentsu Group does not own for up to ¥215.2bn at ¥2,880 each.
Why ITOCHU Corporation (via VIC GK, 80% ITOCHU, 20% IFP) is buying Dentsu Soken Inc. (38.22% not held by Dentsu Group)
ITOCHU said keeping Dentsu Group as a shareholder would preserve Dentsu Soken's ties with dentsu's brand, clients and marketing expertise, while adding growth options through ITOCHU group companies led by ITOCHU Techno-Solutions.
Deal terms and financing
VIC, owned 80% by ITOCHU and 20% by its subsidiary IFP, is offering ¥2,880 a share in cash with no upper limit. Dentsu Group has agreed not to tender its 120.8m shares (61.78%). The price is about 35% above the ¥2,134 close on 1 July 2026, the day before press speculation about a take-private. A share consolidation will follow to leave only Dentsu Group and VIC as shareholders.
Regulatory approvals and timing
The offer was conditional on antitrust clearances in Japan, China and the EU, which ITOCHU confirmed had been obtained by 30 October. Dentsu Soken is expected to be delisted after the squeeze-out.
Market context
The deal was first announced on 31 August 2026 after Dentsu Group ran a process to find a partner to take Dentsu Soken (formerly ISID) private jointly.
