Kadoya Sesame Mills Stock Hits Record High on Private Equity Tender Offer

Shares of Kadoya Sesame Mills (TSE:2612) surged +13.7% to a record high of ¥2,751 after an entity affiliated with Japanese private equity firm Integral launched a public tender offer to acquire the company.

The Buyout Offer

ITG-G Holdings, an entity connected to Integral, has formally commenced a tender offer for all outstanding common shares of the sesame oil producer, according to a report from Investing.com. The offer is set at a price of ¥2,514 per share.

The buyout window for shareholders to tender their shares runs from September 14 through October 30, 2026. Kadoya's board of directors has expressed its support for the transaction and is recommending that shareholders accept the offer, indicating a clear path toward the company going private.

Market Reaction and Arbitrage

The stock's closing price of ¥2,751 is significantly above the ¥2,514 offer price. This premium suggests that market participants and arbitrageurs anticipate that the buyout terms may be revised upward before the offer period concludes.

This strong company-specific move occurred against a modestly positive backdrop for the broader Japanese market, with the Nikkei 225 index rising 0.8% during the session.

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Steps Toward Delisting

In a move characteristic of a company preparing to delist from a public exchange, Kadoya announced on September 14 that it would be taking steps to alter its shareholder return policy.

The company plans to:

• Eliminate its annual dividend for the fiscal year ending March 2027.
• Abolish its shareholder benefit program.

These actions are consistent with the company's transition from a publicly traded entity to a privately held one under the new ownership structure.