Proto (TYO:4298) is set to be taken private after Foresight Co. completed a successful tender offer for 12.5 million shares, or 30.9% of total voting rights, according to a Saturday filing on the Tokyo Stock Exchange.
The deal lifts Foresight and affiliate Mugen Co.'s combined stake to 64.6%, triggering a change in Proto's parent company and major shareholder status, effective April 11.
Nagoya-based Foresight was formed in December 2024 and is wholly owned by Mugen, a longtime major shareholder in Proto. Hiroichi Yokoyama, chairman of Proto, also leads Foresight.
The company said it will move ahead with procedures to acquire the remaining shares and delist from the Tokyo and Nagoya stock exchanges.
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