DD Group (TYO:3073) said it will acquire and cancel all 20,000 outstanding class A preferred shares for 2.04 billion yen, conditional on the success of a tender offer for its common stock by PCGVI-1 Inc., according to a Tuesday filing on the Tokyo Stock Exchange.

The preferred shares were originally issued in February 2022 to strengthen capital during the COVID-19 downturn. The company repurchased and canceled 30,000 of the 50,000 issued shares earlier this year.

The planned acquisition from DBJ Food & Hospitality Support Fund is scheduled for Sept. 3, with the same day set for cancellation.