TOKYO, May 13, 2026, 00:14 JST
- Raksul shareholders gave the green light to a 28 million-to-one share consolidation, clearing the way for the Tokyo-listed firm to delist on May 29.
- Those still holding fractional shares stand to get 1,900 yen apiece—the tender offer price—pending court sign-off and possible tweaks.
- R1 Inc.’s tender offer wrapped up with 52.8 million share certificates and related securities tendered. Now, the vote comes next.
Shareholders at Raksul Inc. on Tuesday signed off on a share consolidation and accompanying amendments to the company charter, paving the way for the Japanese digital printing firm’s exit from the Tokyo Stock Exchange Prime Market.
Timing’s key here. Raksul announced its shares will be tagged for delisting as securities from May 12 to May 28, with removal from trading slated for May 29. Once delisted, the shares drop off the Prime Market and won’t trade there anymore.
Investors who held onto their shares now turn to the cash-out phase. On June 2, Raksul will merge 28,000,000 common shares into a single share, resulting in everyone except R1 Inc. holding just fractional shares—less than one whole share apiece.
The vote wraps up the last public-market step in a Goldman Sachs-backed management buyout—an MBO that takes the listed firm private with help from a financial sponsor. R1’s tender offer closed on March 10, pulling in 52,783,190 share certificates and related securities, topping the 39,699,100 minimum. With that, R1 was on track to become both Raksul’s parent and its largest shareholder at settlement on March 17.
Price was front and center. In February, R1 bumped its bid to 1,900 yen per share from 1,710 yen, reacting to pushback from investors. Back then, Goldman Sachs exec Yu Itoki described it to Reuters as the “best and final offer.” Reuters
According to R1’s materials, the 1,900 yen offer is set—no more hikes coming. Aspex Management’s Hermes Li, who serves as founder and chief investment officer, said Aspex was on board with the “strategic rationale of the MBO” and had agreed to tender its shares.
Raksul finished Tuesday at 1,890 yen—flat on the day and sitting 10 yen under the cash-out level. Yahoo Finance Japan pointed to Logizard, Synops, and WingArc 1st as typical comps for Raksul, though there’s not much spillover expected for these stocks in the short run. The main point: this is all about a change in ownership, not a signal for sector-wide moves.
Post-privatization, voting rights split evenly between Goldman Sachs and Raksul executives Yo Nagami and Yasukane Matsumoto—each side expected to hold 50%. Goldman Sachs lines up four nominees for the nine-member board, Nagami gets three seats, Matsumoto two.
Execution risk remains when it comes to the cash-out. Raksul noted that the plan is to sell fractional shares to R1, pending a court green light; payouts to shareholders could shift if that court approval doesn’t come through or if there are any tweaks to the fractions. The company is aiming for a sale sometime in late June, with payments to shareholders anticipated for late August.
After the consolidation, Raksul’s total number of issued shares drops to two, with six shares authorized. The company is scrapping its 100-share trading unit, a move that makes sense since it’s no longer necessary. R1 ends up as the sole holder of whole shares.
