LY Corp. (TYO:4689) is acquiring all common shares and share options of Beenos (TYO:3328) through a tender offer starting today, aiming to make Beenos a wholly-owned subsidiary.

The tender offer, initially planned to begin by the end of February, was delayed due to pending regulatory clearances under competition laws in Japan and Taiwan, according to a bourse filing last Friday.

While Japan's procedures were completed on Feb. 17, Taiwan's approval was granted on March 17, following a review by the Fair Trade Commission of Taiwan, which found no competition concerns.

With all necessary regulatory clearances obtained by March 21, LY Corp. confirmed the satisfaction of all conditions precedent and decided to commence the tender offer on March 24.

The offer aims to purchase a minimum of 8.88 million shares (66.03% ownership) at 4,000 yen per share, with no upper limit, as the goal is to acquire all outstanding shares.

The tender offer is supported by agreements with BEENOS's largest shareholders, who have committed to tender their shares, ensuring a significant portion of the required shares will be available.

The total aggregate tender offer price is estimated at 53.8 billion yen, based on purchasing of 13.4 million shares.

LY Corp. emphasized that no conditions precedent were waived, and there are no changes to the terms or conditions of the tender offer as initially disclosed on Dec. 19, 2024.