{"id":5056,"date":"2025-09-22T08:54:54","date_gmt":"2025-09-22T00:54:54","guid":{"rendered":"https:\/\/www.hibiki-path-advisors.com\/?p=5056"},"modified":"2025-10-01T08:44:01","modified_gmt":"2025-10-01T00:44:01","slug":"post-5056","status":"publish","type":"post","link":"https:\/\/www.hibiki-path-advisors.com\/en\/engagement\/post-5056\/","title":{"rendered":"22\/Sep\/2025 \u2013 The Toyo Keizai article regarding the MBO of Mandom Corporation"},"content":{"rendered":"

In the Toyo Keizai article on September 20th, our inquiry letter<\/a> to Mandom Corporation (“Mandom” or “the Company”) \u2014 submitted following the announcement of their MBO \u2014 was featured (explanatory video available here<\/a>), along with some bold comments from our CIO, Yuya Shimizu.<\/p>\n

\"\"<\/p>\n

The article highlights that Mandom’s current share price is trading above the tender offer price (closing at \u00a52,140 on September 19th versus the TOB price of \u00a51,960\u2014roughly 9% higher),<\/u><\/strong><\/span> and breaks down three key reasons for this premium: \u2460the contradiction with management’s own previously stated \u00a53,000 target price, \u2461the TOB price sitting at the low end of the valuation range calculated by external experts, and \u2462questionable assumptions in the valuation methodology itself (particularly around free cash flow calculations). These points align closely with the concerns we raised in our inquiry letter to the company.<\/p>\n

The article quotes our CIO Yuya Shimizu’s pointed comment: “We’re counting on the special committee\u2014our last line of defense\u2014to actually protect minority shareholders,”<\/u><\/strong><\/span> which we believe clearly conveys our expectations regarding the special committee’s critical role.<\/p>\n

While we have the utmost respect for the Company\u2019s determination and commitment to push through its mid- to long-term reforms and growth strategy, any MBO\u2014by its very nature a conflict-of-interest transaction\u2014should be fair and transparent for all shareholders.<\/p>\n

We will stay fully engaged\u2014with warmth and rigor\u2014to support the Company in driving meaningful value creation.<\/p>\n

\n

This post does not constitute a solicitation to subscribe for, or a recommendation to buy or sell, any specific securities, nor does it constitute investment, legal, tax, accounting, or other advice.<\/p>\n

\n

<\/p>","protected":false},"excerpt":{"rendered":"9\u670820\u65e5\u306e\u6771\u6d0b\u7d4c\u6e08\u65b0\u5831\u793e\u8a18\u4e8b\u3067\u3001\u79c1\u3069\u3082\u306e\u4e3b\u8981\u6295\u8cc7\u5148\u3067\u3042\u308b\u682a\u5f0f\u4f1a\u793e\u30de\u30f3\u30c0\u30e0\uff08\u300c\u30de\u30f3\u30c0\u30e0\u300d\u3001\u300c\u5f53\u793e\u300d\uff09\u306b\u5bfe\u3057\u3066\u3001\u5f0a\u793e\u304cMBO\u306e\u767a\u8868\u3092\u8e0f\u307e\u3048\u3066\u9001\u4ed8\u3057\u305f\u8cea\u554f\u72b6\uff08\u8aac\u660e\u52d5\u753b\u306f\u3053\u3061\u3089\uff09\u306e\u5185\u5bb9\u306e\u7d39\u4ecb\u3068\u3068\u3082\u306b\u3001\u5f0a\u793e\u4ee3\u8868\u306e\u6e05\u6c34\u306e\u30b3\u30e1\u30f3\u30c8\u304c\u30af\u30ed\u30fc\u30ba\u30a2\u30c3\u30d7\u3055\u308c\u3066\u3044\u307e\u3059\u3002 \u540c\u8a18\u4e8b\u3067\u306f\u3001\u73fe\u5728\u30de\u30f3\u30c0\u30e0\u306e\u682a\u4fa1\u304c\u516c\u958b\u8cb7\u4ed8\u4fa1\u683c\u3092\u8d85\u3048\u305f\u6c34\u6e96\uff08\u516c\u958b\u8cb7\u4ed8\u4fa1\u683c1,960\u5186\u306b\u5bfe\u3057\u3066\u30019\u670819\u65e5\u306e\u7d42\u5024\u306f2140\u5186\u3068\u7d049\uff05\u9ad8\u3044\u72b6\u6cc1\uff09\u3067\u63a8\u79fb\u3057\u3066\u3044\u308b\u70b9\u306b\u6ce8\u76ee\u3057\u3001\u305d\u306e\u7406\u7531\u3092\u2460\u81ea\u3089\u304c\u63b2\u3052\u305f\u76ee\u6a19\u3067\u3042\u308b3,000\u5186\u3068\u306e\u77db\u76fe\u3001\u2461\u516c\u958b\u8cb7\u4ed8\u4fa1\u683c\u304c\u3001\u5916\u90e8\u306e\u5c02\u9580\u5bb6\u304c\u7b97\u5b9a\u3057\u305f\u4fa1\u683c\u30ec\u30f3\u30b8\u306e\u4e2d\u3067\u3082\u4f4e\u3044\u6c34\u6e96\u3067\u3042\u308b\u70b9\u3001\u2462\u4fa1\u683c\u7b97\u5b9a\u306e\u6839\u62e0\u305d\u306e\u3082\u306e\u306b\u4e0d\u53ef\u89e3\u306a\u70b9\u304c\u5b58\u5728\u3059\u308b\u70b9\uff08\u30d5\u30ea\u30fc\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u306e\u7b97\u5b9a\u9762\uff09\u30683\u70b9\u6307\u6458\u3057\u3066\u8a73\u8aac\u3057\u3066\u304a\u308a\u3001\u6982\u306d\u5f0a\u793e\u306e\u8cea\u554f\u72b6\u306b\u304a\u3051\u308b\u7591\u554f\u70b9\u3068\u6574\u5408\u6027\u304c\u9ad8\u3044\u5185\u5bb9\u3068\u611f\u3058\u3066\u3044\u307e\u3059\u3002 \u8a18\u4e8b\u306e\u4e2d\u3067\u306f\u3001\u5f0a\u793e\u4ee3\u8868\u306e\u6e05\u6c34\u306e\u30b3\u30e1\u30f3\u30c8\u3068\u3057\u3066\u3001\u300c\u6700\u5f8c\u306e\u7259\u57ce\u3067\u3042\u308b\u7279\u5225\u59d4\u54e1\u4f1a\u304c\u5c11\u6570\u682a\u4e3b\u3092\u5b88\u3063\u3066\u304f\u308c\u306a\u3044\u3068\u56f0\u308b\u300d\u3068\u7d39\u4ecb\u3055\u308c\u3066\u304a\u308a\u3001\u79c1\u3069\u3082\u306e\u7279\u5225\u59d4\u54e1\u4f1a\u3078\u306e\u671f\u5f85\u3092\u3054\u7406\u89e3\u3044\u305f\u3060\u3051\u308b\u304b\u3068\u601d\u3044\u307e\u3059\u3002 \u79c1\u3069\u3082\u3068\u3057\u3066\u306f\u3001\u540c\u793e\u306e\u3001\u4e2d\u9577\u671f\u7684\u8996\u70b9\u306b\u3088\u308b\u4f01\u696d\u6539\u9769\u3068\u6210\u9577\u6226\u7565\u3092\u65ad\u884c\u3059\u308b\u3068\u3044\u3046\u5f37\u3044\u6c7a\u610f\u3068\u3054\u59ff\u52e2\u306b\u306f\u6700\u5927\u9650\u656c\u610f\u3092\u8868\u3057\u3064\u3064\u3082\u3001MBO\u3068\u3044\u3063\u305f\u5229\u76ca\u76f8\u53cd\u306e\u30ea\u30b9\u30af\u304c\u751f\u3058\u308b\u53d6\u5f15\u306b\u3064\u3044\u3066\u306f\u3001\u4e00\u822c\u6a5f\u95a2\u6295\u8cc7\u5bb6\u3084\u500b\u4eba\u682a\u4e3b\u306e\u7686\u3055\u307e\u542b\u3081\u3001\u30d5\u30a7\u30a2\u3067\u900f\u660e\u6027\u306e\u3042\u308b\u8b70\u8ad6\u304c\u6761\u4ef6\u3067\u3042\u308b\u3068\u8003\u3048\u3066\u304a\u308a\u3001\u5efa\u8a2d\u7684\u306a\u8b70\u8ad6\u304c\u884c\u308f\u308c\u308b\u3053\u3068\u3092\u5e0c\u671b\u3059\u308b\u3082\u306e\u3067\u3059\u3002 Hibiki\u306f\u3001\u5f53\u793e\u306e\u4f01\u696d\u4fa1\u5024\u5411\u4e0a\u306e\u5b9f\u73fe\u306b\u5411\u3051\u3066\u3001\ud842\udf9f\u54a4\u6fc0\u52b1\u30a8\u30f3\u30b2\u30fc\u30b8\u30e1\u30f3\u30c8\u3092\u7d99\u7d9a\u3057\u3066\u3044\u304d\u307e\u3059\u3002 \u5c1a\u3001\u672c\u6295\u7a3f\u306f\u7279\u5b9a\u306e\u6709\u4fa1\u8a3c\u5238\u306e\u7533\u8fbc\u306e\u52e7\u8a98\u82e5\u3057\u304f\u306f\u58f2\u8cb7\u306e\u63a8\u5968\u307e\u305f\u306f\u6295\u8cc7\u3001\u6cd5\u52d9\u3001\u7a0e\u52d9\u3001\u4f1a\u8a08\u306a\u3069\u306e\u52a9\u8a00\u3092\u884c\u3046\u3082\u306e\u3067\u306f\u3042\u308a\u307e\u305b\u3093\u3002 In the Toyo Keizai article on September 20th, our inquiry letter to Mandom Corporation (“Mandom” or “the Company”) \u2014 submitted following the announcement of their MBO \u2014 was featured (explanatory video available here), along with some bold comments from our CIO, Yuya Shimizu. The article highlights that Mandom’s current share price is trading above the tender offer price (closing at \u00a52,140 on September 19th versus the TOB price of \u00a51,960\u2014roughly 9% higher), and breaks down three key reasons for this premium: \u2460the contradiction with management’s own previously stated \u00a53,000 target price, \u2461the TOB price sitting at the low end of the valuation range calculated by external experts, and \u2462questionable assumptions in the valuation methodology itself (particularly around free cash flow calculations). These points align closely with the concerns we raised in our inquiry letter to the company. The article quotes our CIO Yuya Shimizu’s pointed comment: “We’re counting on the special committee\u2014our last line of defense\u2014to actually protect minority shareholders,” which we believe clearly conveys our expectations regarding the special committee’s critical role. While we have the utmost respect for the Company\u2019s determination and commitment to push through its mid- to long-term reforms and growth strategy, any MBO\u2014by its very nature a conflict-of-interest transaction\u2014should be fair and transparent for all shareholders. We will stay fully engaged\u2014with warmth and rigor\u2014to support the Company in driving meaningful value creation. This post does not constitute a solicitation to subscribe for, or a recommendation to buy or sell, any specific securities, nor does it constitute investment, legal, tax, accounting, or other advice.","protected":false},"author":6,"featured_media":532,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[78,39,79],"tags":[],"class_list":{"0":"post-5056","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-78","8":"category-engagement","9":"category-mandom"},"views":3814,"_links":{"self":[{"href":"https:\/\/www.hibiki-path-advisors.com\/en\/wp-json\/wp\/v2\/posts\/5056","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.hibiki-path-advisors.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.hibiki-path-advisors.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.hibiki-path-advisors.com\/en\/wp-json\/wp\/v2\/users\/6"}],"replies":[{"embeddable":true,"href":"https:\/\/www.hibiki-path-advisors.com\/en\/wp-json\/wp\/v2\/comments?post=5056"}],"version-history":[{"count":8,"href":"https:\/\/www.hibiki-path-advisors.com\/en\/wp-json\/wp\/v2\/posts\/5056\/revisions"}],"predecessor-version":[{"id":5064,"href":"https:\/\/www.hibiki-path-advisors.com\/en\/wp-json\/wp\/v2\/posts\/5056\/revisions\/5064"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.hibiki-path-advisors.com\/en\/wp-json\/wp\/v2\/media\/532"}],"wp:attachment":[{"href":"https:\/\/www.hibiki-path-advisors.com\/en\/wp-json\/wp\/v2\/media?parent=5056"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.hibiki-path-advisors.com\/en\/wp-json\/wp\/v2\/categories?post=5056"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.hibiki-path-advisors.com\/en\/wp-json\/wp\/v2\/tags?post=5056"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}