Hulic has launched a tender offer at ¥295 a share for the 49% of Riso Kyoiku Group it does not already own, in a deal worth about ¥24.8bn that would take the Tokyo-listed tutoring company private.
Why Hulic is buying Riso Kyoiku Group (remaining 49%)
Riso Kyoiku runs one-to-one tutoring and private-school entrance preparation services. Hulic, which became its controlling shareholder through earlier share purchases and a 2024 tender offer, is seeking to resolve the parent-subsidiary listing and integrate the business more fully.
Deal terms and financing
The ¥295 offer represents a premium of 41.15% to Riso Kyoiku's closing price of ¥209 on 9 October 2026, the last business day before the announcement. Hulic first proposed ¥240 on 1 September and raised its offer several times during negotiations with the target's special committee. Plutus Consulting provided Riso Kyoiku's board with a fairness opinion on the price.
Regulatory approvals and timing
The tender offer runs from 14 October to 26 November 2026, with settlement due on 3 December. Hulic plans to squeeze out remaining shareholders afterwards, and the Tokyo Stock Exchange has placed the shares under supervision pending delisting.
Market context
Riso Kyoiku's shares rose by the daily limit of ¥80, or 37%, to ¥295 on 14 October.
