Daiwa Institute of Research: Analysis of Tender Offer Activity in Japan

Norbert Gehrke

20 Jul 2025 — 4 min read

In a report published on July 11, 2025, the Daiwa Institute of Research (DIR) analyzes the significant increase in Tender Offer (TOB) activity in Japan from 2020 to mid-2025, highlighting a new phase in corporate strategy.

1. TOB Activity is Surging to Record Levels

The report's primary finding is the dramatic and accelerating increase in the volume of Tender Offers in Japan. This is not just a minor uptick; it is a fundamental market shift.

The Data: The trend shows consistent growth, rising from 64 TOBs in 2020 to a record 127 in 2024, a 21% increase over 2023.
Accelerating Pace in 2025: The momentum is continuing to build. In the first six months of 2025 alone, 81 TOBs were launched. The report notes this is the "fastest pace ever" recorded, and if this trend continues, 2025 is on track to significantly surpass 2024's record high. This signals that the forces driving TOB activity are strengthening.

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Japan FinTech Observer #122

Welcome to the one hundred twenty-second edition of the Japan FinTech Observer. We have implemented our own, very personal "Don't buy American" policy, which might seem ironic, given that you are most likely to read this newsletter on LinkedIn, but we do offer a self-hosted version