Taiyo Holdings (TYO:4626) said it supports a planned tender offer by an entity backed by KKR at 4,750 yen per share as part of a take-private transaction, according to a delayed Thursday filing on the Tokyo Stock Exchange.

The tender offer will be launched by KJ005, a vehicle owned by KKR-managed funds, with a minimum purchase threshold of about 40% and no upper limit. The offer is expected to begin around October, subject to regulatory approvals.

Following completion, Taiyo Holdings is expected to be delisted and become a wholly owned subsidiary of the tender offer vehicle through squeeze-out procedures.

The board said the transaction would enable long-term strategy execution, faster decision-making and access to KKR's global network, particularly in semiconductor and healthcare-related businesses.

Major shareholders including DIC will not tender shares but are expected to exit through share buybacks after the deal, while Oasis Management plans to tender its holdings.