SMS公司（2175.T）：行业同行TRYT宣布凯雷集团的收购要约

TRYT (9164.T, Not Covered) announced after the close on June 10 that TCG2505, a company owned by a Carlyle fund, has decided to acquire all of its common shares through a tender offer. The offer price is ¥880 (the closing price on June 10 was ¥654). TRYT’s business is medical and welfare staffing in Japan, making it a competitor of SMS’s career business. While demand for medical and welfare personnel is expected to grow due to Japan’s aging population, the industry as a whole has recently seen sluggish earnings progress due to intensifying competition. In the announcement, TRYT said that the aim of the proposed acquisition is for Carlyle to provide support in terms of allocating management resources to business opportunities likely to bring medium- to long-term growth (even if this does not directly translate into short-term profits), enhancing digital marketing operations, and developing and executing M&A strategies. For SMS, the key question will be whether the completion of the tender