Kotaro Niwa and Kazuo Deguchi launched a tender offer to acquire Nagoya Lumber Co., Ltd. (NSE:7903) for ¥1.6 billion on February 5, 2021. As a part of the tender offer, Kotaro Niwa and Kazuo Deguchi will pay ¥4,350 per share for 0.37 million shares. The transaction falls under Management Buyout. Kotaro Niwa shall continue to continue to be part of the target’s management even after the transaction. The tender is subject to minimum tender of 0.25 million. The tender offer period is from February 8, 2021 and March 23, 2021. Nagoya Lumber, at the Board of Directors’ meeting on December 23, 2020, established a special committee composed of independent officers and the tender offeror (The special committee is composed of External Director and Independent Officer Kazuyoshi Ohsugi, External Auditor and Independent Officer Takayasu Yasui, and External Auditor and Independent Officer Tomoaki Akihoshi). Tokai Tokyo Securities Co., Ltd. acted as a tender offer agent to Kotaro Niwa and Kazuo Deguchi. Japan TurnAround Partners Advisory, Inc and City-Yuwa Partners acted as financial and legal advisors to Nagoya Lumber Co., Ltd. Kotaro Niwa and Kazuo Deguchi completed the acquisition of 86.29% stake in Nagoya Lumber Co., Ltd. (NSE:7903) for ¥1.4 billion on March 23, 2021.