Joban Kosan announced that the first Tender Offer Bid (TOB) by Ontario was successful, making it the leading shareholder.
Ontario, a subsidiary of Fortress Investment Group, announced the Tender Offer Bid for Joban Kosan’s shares on September 9, with Joban Kosan’s board of directors expressing their support. The intention is to make it a wholly-owned subsidiary and to delist it from the stock exchange.
The Tender Offer Bid was split into two parts, with the first part exceeding the minimum share quantity. The second part aims to acquire shares from major shareholders, planning for a squeeze out subsequently.
Joban Kosan operates the “Spa Resort Hawaiians” facility in Iwaki City, Fukushima Prefecture, and is also engaged in fuel commerce, manufacturing-related businesses, and transportation. The interim financial results for the fiscal year ending in March 2025 recorded a significant profit of 1.529 billion yen. Spa Resort Hawaiians saw an approximately 10% increase in both day and overnight visitors, marking the highest profit in its tourism business history. The full-year performance forecast has also been revised upwards, anticipating a net profit of 1.48 billion yen.
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