Brother Industries said on 4 February 2026 that it would launch a tender offer for all shares of MUTOH Holdings at ¥7,626 per share, valuing the Tokyo Standard Market-listed maker of large-format inkjet printers at about ¥35.0bn.
Why Brother Industries, Ltd. is buying MUTOH Holdings Co., Ltd.
Brother said MUTOH's large-format inkjet printers sit close to its own printing businesses and would help it expand into that market, one of the growth targets in its Printing & Solutions strategy. MUTOH also makes 3D printers and design and measurement devices.
Deal terms and financing
The price emerged from a competitive process: Brother first proposed ¥6,971 and then ¥7,280, which the target judged the highest bid, before resubmitting a final letter of intent at ¥7,626, a 161.61% premium to the 26 December 2025 closing price. Integral-managed TCS funds, MUTOH's largest shareholders, and HOEI JITSUGYO signed agreements to tender a combined 41.68%. The offer ran from 5 February to 23 March 2026.
Regulatory approvals and timing
The offer succeeded with 4,039,103 shares tendered against a minimum of 3,042,700. Brother became MUTOH's parent and largest shareholder on 30 March 2026, the settlement date, and MUTOH is expected to be delisted after the required procedures.
Market context
MUTOH, founded as a maker of drafting equipment, has been listed in Tokyo since 1983. Private equity firm Integral held its stake through several TCS investment partnerships.
