M3 acquired benefits provider eWell as a subsidiary for $68M, feeling steered toward B2B2C model?

M3 plans to acquire 51.0% of Ewell's shares from Tokyu Land Corporation for ¥10.2 billion, making it a subsidiary of M3 as of April 1, 2025. On November 14, 2023, M3 announced plans to conduct a TOB (takeover bid) for Benefit One, which is owned by Pasona Group, to make it a subsidiary.However, Dai-ichi Life Insurance conducted a TOB, a takeover bid without consent, at ¥2,173 per share, which was much higher than M3's offer price (¥1,600), and Benefit One agreed to this offer, resulting in Dai-ichi Life becoming a wholly owned subsidiary. In other words, M3 lost the TOB battle.