Corporate corporate actions are actively being carried out. What should I do if my shares are subject to TOB? This time, let's learn the basics you need to know as an individual investor.
What is TOB?
TOBis an abbreviation for Take-Over Bid“Public tender offer”It refers to an enterprise that wishes to purchase specific shares directly from an unspecified number of shareholders.
Purpose and impact of implementing TOB
・Securing management rights through stock acquisition
・Mergers and Acquisitions (M&A)
・Unlisted (MBO)
It is carried out for various purposes, etc.
Companies that want to carry out M&A (acquisitions/mergers) with specific companies will announce the implementation of TOB along with “price, period, and target number of shares to be acquired.” In TOB, we buy in bulk outside the market instead of normal market trading. If the number of shares acquired by TOB does not reach the target number, TOB itself will be cancelled.
Stock prices after the TOB announcement are affected by how high (cheap) the TOB price is compared to the market price.The difference between the TOB price and the closing price (market price) on the TOB announcement datePremiumIt is.
However, as an existing shareholder holding shares on the TOB side, the TOB price...