Houon, an asset management company owned by Sun Frontier Fudousan's (TYO:8934) chairman, Tomoaki Horiguchi, and his relatives, acquired 2.47 million shares from the Horiguchi.

This transaction, representing 5.08% of the company's voting rights, qualifies as a regulatory-equivalent tender offer under Japanese financial law.

Both Sun Frontier and Houon publicly disclosed the acquisition as required by the enforcement orders of the Financial Instruments and Exchange Act.