Shugo Yamashita made a tender offer to acquire remaining 33.2% stake in Nihon Form Service Co. Ltd. (JASDAQ:7869) for approximately ¥410 million on December 23, 2020. Shugo Yamashita, the General Manager of Corporate Planning Office of Nihon Form Service Co. Ltd. made an offer to acquire remaining 0.13 million shares at an offer price of ¥3,100 per share. Nihon Form Service Co. Ltd. will be delisted on completion of the offer. The tender offer is expected to be financed with a loan of up to ¥142 million from Resona Bank. Following the transaction, Shugo Yamashita Is planning to become a Director of Nihon Form Service Co and be involved in its management. if all of Nihon Form Service Co.'s shares cannot be acquired through the tender offer, a squeeze-out procedure for remaining shares will be initiated if 90% or more voting rights are reached. The Board of Directors of Nihon Form Service Co. Ltd. resolved to express their support for the tender offer and recommend the shareholders to apply for the tender offer. The tender offer period will run for a period of 30 business days from December 24, 2020 to February 10, 2021. Nihon Form Service Co. Ltd. formed an independent Special Committee for evaluating the tender offer. Mita Securities Co., Ltd. acted as financial advisor and tender offer agent to Shugo Yamashita. H.S. Securities Co., Ltd. provided fairness opinion advice and Shibata, Suzuki & Nakada acted as legal advisor to Nihon Form Service Co. Ltd. Shugo Yamashita completed the acquisition of remaining 33.2% stake in Nihon Form Service Co. Ltd. (JASDAQ:7869) on February 10, 2021. A total of 0.1 million shares of Nihon Form Service Co. Ltd are purchased as a result of the tender offer.