TOKYO – MUFG Bank, Ltd. has successfully completed a stock and rights offering for WealthNavi Inc., a company listed on the Tokyo Stock Exchange’s growth market. The offer, which closed on Monday, resulted in MUFG acquiring a significant majority stake in the fintech company.
The tender offer, which commenced on December 2, 2024, was intended to purchase up to 51,111,736 shares of WealthNavi common stock, without setting a maximum purchase limit. The offer also included various series of rights to acquire shares. The final sum of the offered shares exceeded the minimum threshold of 30,988,100 shares, which enabled MUFG to continue with the acquisition of all offered shares and rights.
MUFG offered 1,950 yen per common share and a range of prices for different series of stock rights, with the highest being 4,389 yen and the lowest being 3,297 yen. The total number of shares and rights offered was 46,563,404, which significantly increases MUFG’s voting rights in WealthNava from 15.13% to 92.45%.
Settlement of the tender offer is scheduled to begin on January 27, 2025 with MUFG’s financial instruments dealers Mitsubishi UFJ (NYSE:) Morgan Stanley (NYSE:) Securities Co., Ltd. and sub-agent at Kabucom Securities Co., Ltd. that manage transactions.
Following the tender offer, MUFG plans to initiate proceedings to make WealthNavi a wholly-owned subsidiary, which will result in WealthNavi’s shares being delisted from the Tokyo Stock Exchange. The bank stated that future announcements regarding these procedures will be made immediately following discussions with WealthNavi.
This strategic move by MUFG is based on a press release and is expected to further strengthen its position in the financial technology sector. Details of the tender offer and subsequent changes in ownership are available to the public for inspection at MUFG Bank and the Tokyo Stock Exchange.
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