Paramount Bed (TYO:7817) said TMKR's tender offer for its shares closed on Nov. 17 after attracting nearly 28.4 million shares for 3,530 yen each, according to a Tokyo bourse filing on Tuesday.

Settlement is scheduled for Nov. 25, the filing said.

As a result, TMKR will acquire 50.62% of voting rights and become Paramount Bed's new parent company and largest shareholder.

CTOK, the sole owner of TMKR and already a 7.61% shareholder, will also become a parent company through its indirect holdings, raising its total voting rights ratio to 58.22%.

The company confirmed a series of post-TOB restructuring steps are planned to make a small group of shareholders, led by President and CEO Tomohiko Kimura, the only owners.

Paramount Bed expects to be delisted from the Tokyo bourse following these procedures.