Mandom Corporation, a major cosmetics company, has confirmed the successful completion of its tender offer (TOB) initiated by the British investment firm CVC Capital Partners. The TOB, designed to facilitate a management buyout (MBO), saw approximately 72% of voting rights tendered, exceeding the initial target of 56%. This move is expected to lead to the delisting of Mandom's shares as they acquire the remaining stock.

The tender offer commenced in September last year with an initial share purchase price of 1,960 yen and an estimated total acquisition cost of 79.3 billion yen. However, it faced criticism from activist shareholders regarding the pricing and was further complicated by competing offers from American investment firm KKR. In response, Mandom raised the purchase price three times, ultimately setting it at 3,105 yen per share, raising the total acquisition cost to 125.6 billion yen.

This acquisition marks a significant shift for Mandom as it navigates the challenges posed by both activist investors and competing bids. The successful TOB indicates a strong commitment to transforming the company through management-led initiatives, which could have lasting implications for its strategic direction and operational control.