Itochu (TYO:8001) has finalized its tender offer for its own shares, acquiring 82.7 million shares at 1,813 yen each between Aug. 4 and Sept. 1, according to a Tokyo bourse filing on Wednesday.
The total tender offer acquisition price will be deducted from the 300 billion yen authorized share repurchase program, leaving 150 billion yen for subsequent market purchases commencing today.
The tender offer was oversubscribed, with 83.4 million shares tendered, requiring pro-rata allocation that resulted in a small shortfall that was corrected by awarding additional units to the largest tendering shareholders.
Settlement for the tender offer begins Sept. 28, with cash payments subject to applicable withholding taxes on deemed dividend income for individual and corporate shareholders.
The overall repurchase program, covering up to 190 million shares, runs through Jan. 29, 2027, with Daiwa Securities acting as the tender offer agent.