Goldman-backed management buyout offer for Japan's Raksul sweetened by 11% (updated)

raksul

19/02/2026 08:28

Adds Goldman Sachs comment in paragraphs 3-4

By Anton Bridge

TOKYO, Feb 19 (Reuters) - A Goldman Sachs-backed management buyout offer (MBO) for Japanese digital printing firm Raksul 4384.T was increased by 11% on Thursday after investor criticism of the proposed deal, and the tender period extended to March 9.

A fund established by Goldman Sachs GS.N said in a statement that the offer to take Raksul private had been raised to 1,900 yen per share from 1,710 yen as it extended the tender period, which was due to end on Thursday, for a second time.

"This is our best and final offer," said Yu Itoki, managing director and head of Japan growth and corporate equity teams at Goldman Sachs.

"Given that we've raised the price even as software company shares have fallen since the buyout announcement, we feel this is a very good exit opportunity for shareholders," Itoki added.

The revised offer price values Raksul at around 113 billion yen ($730 million) including treasury shares.

Raksul's shares have been trading above the initial offer price since the plan was announced in December. Following     Thursday's announcement, Raksul shares erased earlier gains and closed at 1,910 yen, down 2.6% on the day.

If the MBO succeeds, 50% of voting rights in Raksul will be transferred to its chairman Yasukane Matsumoto and president Yo Nagami, with the rest held by the fund, which says the buyout is aimed at overcoming business and capital structure challenges.

Japanese authorities have sought to spur mergers and acquisitions, hoping to reinvigorate capital markets and boost corporate values.

But some shareholders have spoken out against deals they see as underpriced and the Nikkei business newspaper last month cited Edinburgh-based asset manager Baillie Gifford as saying that the Raksul offer price was "far too low".

The Goldman-backed fund said on Thursday that the price was "sufficiently reasonable" for shareholders and it had no intention of raising it further.

A group of Toyota Motor 7203.T companies last month hiked their offer price for Toyota Industries 6201.T after opposition from activist investor Elliott Management, which argued the offer undervalued the forklift-maker.

($1 = 154.9800 yen)

 (Reporting by Anton Bridge; Editing by Chang-Ran Kim, Edwina Gibbs and Alexander Smith)

 ((Anton.Bridge@thomsonreuters.com))