Navy 2 Co., Ltd. offered to acquire 73.7% stake in NC Holdings Co., Ltd. (TSE:6236) from AVI Japan Opportunity Trust PLC (LSE:AJOT), managed by Asset Value Investors Limited and others for ¥7.1 billion on June 4, 2024. The consideration will be paid at a price of ¥2,208. 1,761,800 shares are the minimum number of shares to be purchased in the Tender Offer.

The deal will be squeeze out acquisition. The deal has been unanimously approved by board of directors of NC Holdings. The deal is expected to be completed on July 17, 2024.

Kentaro Kitagawa, Yasushi Hashimoto and Kenichiro Matsuki were appointed as special committee. Tokai Tokyo Securities Co., Ltd. acted as tender offer agent. Deloitte Tohmatsu Financial Advisory LLC acted as financial advisor, Investment Banking Department office of IR Japan, Inc acted as financial advisor and fairness opinion provider, and Hibiya Park Law Office acted as legal advisor to NC Holdings Co., Ltd.