Douzone Bizon Board Expresses Support for EQT's Second Tender Offer

EQT Secures 90% Stake Through First Tender Offer

Global private equity fund manager EQT Partners (hereinafter EQT) announced on April 15 that Douzone Bizon’s board of directors has expressed its support for the ongoing second tender offer aimed at delisting Douzone Bizon.

EQT secured approximately 90% of Douzone Bizon’s shares through the first tender offer. This is considered a high level compared to similar successful tender offers by private equity funds. Accordingly, the company expects Douzone Bizon to smoothly proceed with the delisting process.

EQT has been conducting the second tender offer since March 27 for shareholders who were unable to participate in the first round. The tender offer price is set under the same conditions as the transaction with the largest shareholder, providing minority shareholders with the same premium as the largest shareholder, without any special preferential treatment for specific shareholders.

Douzone Bizon’s board of directors formed a special committee in accordance with the 'Director’s Code of Conduct Guidelines' promulgated by the Ministry of Justice in February, and separately reviewed the ongoing second tender offer. According to EQT, the special committee consists of independent outside directors and received legal and share value assessment advice from external advisory institutions, focusing on the purpose of the tender offer, price fairness, procedural legitimacy, and the protection of minority shareholders.

Based on the special committee’s review and recommendations, Douzone Bizon’s board of directors expressed a favorable opinion on the tender offer. EQT stated, “This is an example of faithfully following procedures for the protection of minority shareholder rights after the introduction of the guidelines, as the transaction underwent an independent review process for potential conflicts of interest.”

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