Kanematsu: GSX sale could lift FY27 profit by ¥14.5bn

Kanematsu has decided that its consolidated subsidiary Kanematsu Electronics will not tender its GSX shares into Accenture's tender offer. Instead, it plans to sell them through a share buyback by Global Security Experts (GSX) after the offer succeeds.

• Tender offer response: Kanematsu Electronics will not tender its shares into Accenture's offer.
• Sale method: It will transfer its stake through a GSX share buyback after the tender offer succeeds.
• Reason for the decision: Kanematsu reviewed the details and terms of the transactions and concluded they would help enhance the group's corporate value.

By selling its stake through a buyback after the tender offer, Kanematsu will streamline its holdings. The sale is part of its efforts to optimize its business portfolio and improve capital efficiency.

If the sale goes ahead, it is expected to increase consolidated profit attributable to owners of the parent by about ¥14.5 billion for the year ending March 2027.

• Conditions for recognition: The tender offer must succeed at the planned purchase price, and Kanematsu Electronics must sell all of its GSX shares.
• Impact on earnings forecast: The share sale depends on the tender offer succeeding, so it is not included in the current consolidated earnings forecast.
• Next steps: Kanematsu will promptly disclose any revision to its earnings forecast if one becomes necessary.

Kanematsu describes the expected impact as a gain from investments accounted for under the equity method. Until the sale is completed, the earnings impact is not certain, and any change to the forecast will depend on further announcements.

Kanematsu concluded that selling its GSX shares through a buyback after the tender offer would contribute more to corporate value than continuing to hold the stake.

• Factors considered: Kanematsu assessed the tender offer and the details and terms of the series of transactions planned after it succeeds.
• Strategic context: The decision is in line with efforts to optimize the group's business portfolio and improve capital efficiency.

The disclosure concerns the sale of an investment stake, not a business restructuring involving changes to sites or employment. Investors will be watching both whether the transaction's conditions are met and how Kanematsu uses the proceeds to improve capital efficiency.