Tender Offer by Mitsubishi UFJ Results in Zenhoren Becoming Consolidated Subsidiary Mitsubishi UFJ NICOS, a subsidiary of Mitsubishi UFJ Financial Group, has completed a tender offer for shares of Zenhoren Co., Ltd. As a result, Zenhoren will become a consolidated subsidiary. The financial impact on MUFG’s earnings is expected to be minimal, according to the company’s announcement.3