Announcement • Mar 19
Japan Pallet Rental Corporation completed the acquisition of an additional 89.39% stake in Nippon Pallet Pool Co., Ltd. (TSE:4690) from Nippon Express Holdings, Inc. (TSE:9147), Japan Freight Railway Company, Masanori Yoshida, Kyoko Suenaga, Yoshiaki Masuda and others for ¥3.6 billion.
Japan Pallet Rental Corporation proposed to acquire remaining 98.74% stake in Nippon Pallet Pool Co., Ltd. (TSE:4690) from Nippon Express Holdings, Inc. (TSE:9147), Japan Freight Railway Company, Masanori Yoshida, Kyoko Suenaga, Yoshiaki Masuda and others for ¥3.9 billion on January 30, 2026. A cash consideration valued at ¥2510 per share will be paid by Japan Pallet Rental Corporation. As part of consideration, an undisclosed value is paid towards common equity of Nippon Pallet Pool Co., Ltd. In connection with the Tender Offer, Japan Pallet Rental has entered into a Tender Offer Agreement dated with NIPPON EXPRESS HOLDINGS INC. ("NXHD"), Nippon Pallet Pool's major shareholder, pursuant to which NXHD will tender all of its 180,000 Target Company Shares (ownership ratio: 11.37%) in the Tender Offer. The Board of Directors' resolution was made on the assumption that the Offeror intends to make Nippon Pallet Pool a wholly-owned subsidiary of Japan Pallet Rental through the Tender Offer and subsequent procedures, and that Nippon Pallet Pool's shares are scheduled to be delisted. The Board of Directors of Nippon Pallet Pool Co., Ltd. formed a special committee for the transaction.
The transaction is subject to a minimum tender offer. The tender offer will begin on February 2, 2026 and will closed on March 17, 2026. The settlement date for the offer is on March 25, 2026.
Kitahama Partners acted as legal advisor for Japan Pallet Rental Corporation, Nippon Pallet Pool Co., Ltd and the Major Shareholders. MUFG Bank, Ltd. acted as financial advisor for Japan Pallet Rental Corporation, Nippon Pallet Pool Co., Ltd and the Major Shareholders.
Japan Pallet Rental Corporation completed the acquisition of an additional 89.39% stake in Nippon Pallet Pool Co., Ltd. (TSE:4690) from Nippon Express Holdings, Inc. (TSE:9147), Japan Freight Railway Company, Masanori Yoshida, Kyoko Suenaga, Yoshiaki Masuda and others on March 17, 2026. A cash consideration of ¥3.55 billion valued at ¥2510 per share will be paid by Japan Pallet Rental Corporation. Upon completion, Japan Pallet Rental Corporation will hold 90.66% stake in Nippon Pallet Pool Co., Ltd. The deal has exceeded the minimum number of shares to be purchased.
