Mandom to Go Private through MBO

Jiji Press

11:40 JST, September 11, 2025

Tokyo, Sept. 10 (Jiji Press)—Japanese cosmetics maker Mandom Corp. said Wednesday that it will conduct management buyout that will likely take it private.

As part of the MBO scheme, a company set up by British investment fund CVC Capital Partners plans to launch a tender offer for common shares in Mandom, which is listed on the Tokyo Stock Exchange’s top-tier Prime section.

In the tender offer, Mandom shares will be bought at ¥1,960 apiece, with the total cost seen reaching about ¥79.3 billion . The tender offer will be successful if 56.0 pct or more of the target shares are purchased in terms of voting rights.

A certain amount of time is needed for Mandom to make preparations, such as obtaining approval from Japanese and Vietnamese authorities under the two countries’ competition laws, according to the company.

Mandom hopes that the tender offer will start in late September, and plans to announce a concrete schedule immediately after a decision is made.

If the tender offer ends in success, Mandom would go private and concentrate on implementing long-term growth strategies.