Shares of PHC Holdings, a Japanese healthcare and medical equipment company, rose 13.6% to ¥1,625 on October 1 after the company confirmed receiving an initial takeover proposal from Toho Holdings. The stock reached an intraday high of ¥1,644, its highest level since November 25, 2022. PHC said the proposal was preliminary and non-binding, with no transaction decided. Bloomberg reported that Toho, a Japanese pharmaceutical wholesaler, proposed acquiring PHC for more than ¥200 billion ($1.3 billion) and was conducting due diligence. Toho is the only prospective buyer currently engaged in concrete discussions, although domestic investment funds have also expressed interest. The reported value exceeds PHC's market capitalization of roughly ¥182 billion, and any eventual tender offer is expected to include a premium. KKR owns about 38% of PHC and has been reducing its holding, while both Toho and KKR have appointed financial advisers.