ITOCHU Launches Tender Offer for Sun Frontier Fudousan
ITOCHU Corporation announced on Feb. 25, 2026, that it will commence a tender offer (TOB) for shares of Sun Frontier Fudousan Co., Ltd. The tender offer price is JPY 2,800 per share, and the offer period will run from Feb. 26 to Apr. 9, 2026.
Following the TOB, Sun Frontier Fudousan is expected to remain listed. ITOCHU plans to keep its voting rights stake within a certain range and deepen collaboration on the premise that Sun Frontier Fudousan maintains its independence and continues autonomous management. ITOCHU’s total investment is expected to be up to approximately JPY 32.0 billion, and its ownership stake is projected to be around 20%.
The transaction will be pursued as an integrated package consisting of the tender offer, subscription for newly issued shares via a third-party allotment, and the execution of a capital and business alliance agreement. Leveraging stronger financial capacity and group networks, the parties aim to expand the scale of projects in areas such as value-add repositioning of central Tokyo office assets as well as hotel and tourism-related opportunities. They also plan to deepen their joint sourcing capabilities for potential acquisition targets through their respective information networks. On the procurement side, the alliance also cites improved efficiency in sourcing materials and equipment by utilizing ITOCHU’s supplier and wholesale functions, and it anticipates potential collaboration in overseas real estate businesses as well.
Key Facts
Target Company: Sun Frontier Fudousan Co., Ltd.
Tender Offeror: SI Co., Ltd. (a wholly owned subsidiary of ITOCHU Corporation)
Structure: Commencement of tender offer (TOB) / subscription for third-party allotment issuance / execution of a capital and business alliance agreement
Tender Offer Price: JPY 2,800 per common share
Tender Offer Period: Feb. 26, 2026 – Apr. 9, 2026
Listing: To remain listed on the Tokyo Stock Exchange Prime Market after the TOB