SBI Holdings' (TYO:8473) tender offer for BASE (TYO:4477) closed with only 90,944 shares, far below the maximum 23.8 million shares sought.
The offer, between Aug. 31 and Oct. 21, at 340 yen per share, did not exceed its maximum threshold, leaving its ownership ratio at just 0.08% after the purchase.
As a result, SBI's holding did not reach the 20.00% threshold, and BASE has not become an equity-method affiliate of the lender.
SBI said it will consult with BASE on how to handle the capital and business alliance agreement signed on Aug. 28. Payment for the tendered shares is scheduled to begin Oct. 28.
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