Japanese multinational electronics and electrical equipment company Brother Industries, Ltd. announced a definitive move to acquire MUTOH Holdings Co., Ltd., a major player in the large-format printing industry, for approximately ¥35 billion.
The tender offer, which commenced in early February 2026, aims to make MUTOH a wholly owned subsidiary and subsequently delist it from the Tokyo Stock Exchange.
Brother is offering ¥7,626 per share, representing a staggering 157% premium over MUTOH’s undisturbed share price. The acquisition is a cornerstone of Brother’s CS B2027 medium-term business strategy for fiscal years 2025 to 2027. Titled ‘Creating our Future. Boldly.’, the strategy aims to accelerate business growth and achieve the company’s Vision 2030 goals by focusing on the industrial area as a key pillar for revenue. Key initiatives include clarifying roles and investment policies across businesses, executing approximately ¥200 billion in growth investments (particularly in M&As for the industrial sector), integrating and expanding inkjet technology applications, and enhancing management foundations.
The financial strategy emphasises capital cost and share prices to boost TSR and PBR, with plans to implement significant shareholder returns of ¥140 billion.
By integrating MUTOH’s expertise in UV, eco-solvent, and roll-to-roll platforms, Brother intends to scale its portfolio beyond textile printing and move into the high-growth sign and graphics markets. The strategic move is intended to secure a robust product lineup and market position, ultimately enhancing the corporate value of both entities by strengthening their business foundations.
Significant synergies are anticipated in R&D, manufacturing efficiency, and global distribution. Technical cooperation is expected to strengthen the competitiveness of products and services. Cross-selling opportunities will be leveraged through the utilisation of each company’s limitedly overlapping sales and service channels and customer bases. Furthermore, cost reductions in manufacturing, procurement, and logistics are projected through joint purchasing, the standardisation of parts, and the optimisation of manufacturing bases.
Brother has already secured backing from major shareholders and MUTOH’s board of directors. The tender offer period is scheduled to run through 23 March 2026, provided a minimum threshold of 66.29% of shares is reached.
By leveraging their complementary product lineups and combining their respective technological and operational strengths, the combined entity is poised to enhance its overall competitiveness, optimise cost efficiencies, and ultimately achieve a substantial increase in corporate value.
