KKR launches tender offer to privatize Taiyo Holdings at JPY 4,750 per share

KKR announced plans to acquire Taiyo Holdings Co., Ltd. through a tender offer at JPY 4,750 per share, according to a company statement. The electronics materials manufacturer's board has approved the transaction.

The offer price represents a 117.19% premium to the six-month average closing price as of May 27, 2025, and a 140.14% premium to the six-month average as of February 18, 2025. KKR has secured support from shareholders representing approximately 42.2% of outstanding shares.

DIC Corporation, Taiyo Holdings' largest shareholder, and Kowa Co., Ltd., affiliated with the founding family, have agreed to sell their stakes through a share consolidation following the tender offer's completion. Oasis Management Company Ltd. will tender approximately 15.62% of outstanding shares into the offer.

The founding family plans to reinvest in KJ005HD Co., Ltd., the KKR-managed vehicle that will own Taiyo Holdings after privatization.

Taiyo Holdings manufactures electronic materials including solder resist for printed circuit boards and operates medical and pharmaceutical businesses. The company cited privatization as enabling focus on long-term strategy and decision-making agility.

"We are pleased to have the opportunity to support the growth of Taiyo Holdings," said Eiji Yatagawa, Partner and Head of Japan Private Equity at KKR.

President and CEO Hitoshi Saito stated the partnership would allow pursuit of long-term investments in core technologies "with greater focus and stability."

KKR manages more than $20 billion in assets in Japan and has invested in companies including KOKUSAI ELECTRIC, Bushu Pharma, and FUJI SOFT. The tender offer will commence upon satisfaction of regulatory approvals and other conditions.

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