Muninova (TYO:547A) will acquire shares of Anshin Guarantor Service (TYO:7183) through a tender offer, according to a Wednesday filing on the Tokyo Stock Exchange.
Muninova will offer 257 yen per common share and 1 yen per stock acquisition right, with the offer period running from May 13 to July 2 and a minimum acceptance threshold of 5.2 million shares.
The offer seeks to make Anshin Guarantor Service a wholly owned subsidiary of Muninova, with no maximum limit set on the number of shares to be purchased if the minimum threshold is met. The threshold corresponds to at least two-thirds of voting rights to enable subsequent squeeze-out procedures under Japanese corporate law.
Muninova already has indirect exposure of 39% in the target through Aiful and AG Capital. Aiful will transfer its 37% stake via an in-kind dividend to Muninova as part of the transaction structure.
If completed, the deal will consolidate ownership under Muninova Holdings, with plans to delist Anshin Guarantor Service through standard squeeze-out procedures if full acceptance is not achieved through the tender offer.