• Binding offers were due last week
• PE firms have submitted take-private proposals

Japan-listed chemical company Taiyo Holdings has collected binding proposals for a take-private from Bain Capital and KKR, two sources familiar with the situation said.

The deadline was last week, they said.

Taiyo Holdings’ special committee is currently reviewing the proposals before submitting a formal recommendation to the company’s management team, one of the sources added.

Bringing in a strategic buyer to acquire shares from shareholders including Hong Kong-based activist fund Oasis Management and Tokyo-based DIC and keep the company listed would have been the best outcome for the company, a source suggested. However, no other viable proposals appear to have been submitted, the source added.

Taiyo Holdings announced earlier this month that it is aiming to announce the direction of its capital policy by the end of the fiscal year ending March 31, 2026.

Mergermarket reported on 31 October that Taiyo Holdings was believed to be looking to collect binding offers in December.

Taiyo Holdings has a market capitalization of JPY 568.8bn (USD 3.6bn) at the time of publication of this article.

Oasis Management owned a 14.89% stake in Taiyo as of 20 June this year, according to the large-volume holding report submitted to the local financial authority.

DIC owned a 20.05% stake in Taiyo as of the end of March this year, according to a press release.

Bain Capital and KKR declined to comment.

Taiyo Holdings did not return for a request for comment by the time of publication.