Nippon Sangyo Suishin Kiko (NSSK) has launched a tender offer valuing Broadmedia at about ¥17.8bn, offering ¥2,500 a share for the Tokyo-listed operator of correspondence high schools, the companies said on 29 October 2026.
Why NSSK-EPSILON1 (Nippon Sangyo Suishin Kiko funds) is buying Broadmedia Corporation
NSSK plans to apply what it has learned backing Wizce, which runs the Daiichi Gakuin correspondence high schools, to help Broadmedia's Renaissance High School group expand student numbers and recruit teachers. Broadmedia said the offer, chosen through a competitive bidding process, gave shareholders a suitable premium and high certainty of completion.
Deal terms and financing
The offer is for all 7,127,029 shares outstanding, with a minimum acceptance of 66.20%. Funds managed by Asset Value Investors, owner of 40.00%, have signed a tender agreement. If the offer succeeds, NSSK intends to squeeze out remaining holders and delist the shares from the TSE Standard market.
Regulatory approvals and timing
Broadmedia said NSSK's lawyers had given an initial view that competition clearance raised no particular obstacle. Settlement is scheduled for 21 December 2026.
Market context
AVI Japan Opportunity Trust ran a partial tender offer for Broadmedia shares at ¥2,200 each between December 2025 and January 2026, on which the board took a neutral stance. Broadmedia then appointed advisers in March 2026 and ran a competitive bidding process for a new capital partner, in which NSSK took part.
