# EDGAR Filing Document

**Accession Number:** 0000866095
**File Stem:** 0001104659-25-087759
**Filing Date:** 2025-9
**Character Count:** 15701
**Document Hash:** 4ce279ea7b837783e9570e1227b0751b
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-25-087759.hdr.sgml**: 20250905

**ACCESSION NUMBER**: 0001104659-25-087759

**CONFORMED SUBMISSION TYPE**: SC TO-I/A

**PUBLIC DOCUMENT COUNT**: 14

**FILED AS OF DATE**: 20250905

**DATE AS OF CHANGE**: 20250905

**SUBJECT COMPANY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** ABRDN JAPAN EQUITY FUND, INC.
- **CENTRAL INDEX KEY:** 0000866095

**ORGANIZATION NAME:**
- **EIN:** 223060893
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 1031

**FILING VALUES:**
- **FORM TYPE:** SC TO-I/A
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 005-60837
- **FILM NUMBER:** 251296257

**BUSINESS ADDRESS:**
- **STREET 1:** 1900 MARKET STREET
- **STREET 2:** SUITE 200
- **CITY:** PHILADELPHIA
- **STATE:** PA
- **ZIP:** 19103
- **BUSINESS PHONE:** 215-405-5700

**MAIL ADDRESS:**
- **STREET 1:** 1900 MARKET STREET
- **STREET 2:** SUITE 200
- **CITY:** PHILADELPHIA
- **STATE:** PA
- **ZIP:** 19103

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** ABERDEEN JAPAN EQUITY FUND, INC.
- **DATE OF NAME CHANGE:** 20140428

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** JAPAN EQUITY FUND INC
- **DATE OF NAME CHANGE:** 19920703

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** JAPAN EMERGING EQUITY FUND INC
- **DATE OF NAME CHANGE:** 19920407
**FILED BY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** ABRDN JAPAN EQUITY FUND, INC.
- **CENTRAL INDEX KEY:** 0000866095
- **STANDARD INDUSTRIAL CLASSIFICATION:** UNKNOWN SIC - 0000 [0000]

**ORGANIZATION NAME:**
- **EIN:** 223060893
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 1031

**FILING VALUES:**
- **FORM TYPE:** SC TO-I/A

**BUSINESS ADDRESS:**
- **STREET 1:** 1900 MARKET STREET
- **STREET 2:** SUITE 200
- **CITY:** PHILADELPHIA
- **STATE:** PA
- **ZIP:** 19103
- **BUSINESS PHONE:** 215-405-5700

**MAIL ADDRESS:**
- **STREET 1:** 1900 MARKET STREET
- **STREET 2:** SUITE 200
- **CITY:** PHILADELPHIA
- **STATE:** PA
- **ZIP:** 19103

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** ABERDEEN JAPAN EQUITY FUND, INC.
- **DATE OF NAME CHANGE:** 20140428

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** JAPAN EQUITY FUND INC
- **DATE OF NAME CHANGE:** 19920703

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** JAPAN EMERGING EQUITY FUND INC
- **DATE OF NAME CHANGE:** 19920407

**As filed with the Securities and Exchange Commission on September 5, 2025.**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**SCHEDULE TO**

**TENDER OFFER STATEMENT UNDER SECTION 14(d)(1) OR 13(e)(1) OF THE<br> SECURITIES EXCHANGE ACT OF 1934**

**(Amendment No. 3)**

**ABRDN JAPAN EQUITY FUND, INC.**

(Name of Subject Company (issuer))

**ABRDN JAPAN EQUITY FUND, INC.**

(Name of Filing Person (offeror))

**COMMON STOCK, $0.01 PAR VALUE PER SHARE**

(Title of Class of Securities)

**00306J109**

(CUSIP Number of Class of Securities)

**Lucia Sitar, Esq.**

**abrdn Japan Equity Fund, Inc.**

**c/o abrdn Inc.**

**1900 Market Street, Suite 200**

**Philadelphia, Pennsylvania 19103**

**Telephone: (215) 405-5773**

(Name, Address and Telephone Number of Person Authorized to Receive Notices

and Communications on Behalf of the Person(s) Filing Statement)

**Copy to:**

**Thomas C. Bogle, Esq.**

**William J. Bielefeld, Esq.**

**Dechert LLP**

**1900 K Street N.W.**

**Washington D.C. 20006**

◻ Check box if the filing relates solely to preliminary communications made before the commencement of a tender offer.

Check the appropriate boxes to designate any transactions to which this statement relates:

◻ third party tender offer subject to Rule 14d-1

⌧ issuer tender offer subject to Rule 13e-4

◻ going-private transaction subject to Rule 13e-3

◻ amendment to Schedule 13D under Rule 13d-2

Check the following box if the filing is a final amendment reporting the results of the tender offer: ⌧

**Introductory Statement**

This Amendment No. 3 hereby amends and supplements the Issuer Tender Offer Statement on Schedule TO initially filed by abrdn Japan Equity Fund, Inc., a Maryland corporation (the "Fund"), with the Securities and Exchange Commission (the "Commission") on August 1, 2025 (as amended on August 22, 2025 and September 3, 2025 and as further amended hereby, the "Schedule TO") in order to update Item 12 to add exhibit (a)(9), a copy of the press release issued by the Fund dated September 5, 2025 announcing the final results of the offer and the information contained therein is incorporated by reference.

Except as amended herein, the information set forth in the Offer to Purchase and the related Letter of Transmittal is incorporated herein by reference in answer to Items 1 through 11 of Schedule TO.

---

| | |
|:---|:---|
| **Item 12.** | ***Exhibits*** |
| [(a)(1)(i)](https://www.sec.gov/Archives/edgar/data/866095/000110465925073104/tm2522082d2_ex99-xax1xi.htm) | [Offer to Purchase.<sup>1</sup>](https://www.sec.gov/Archives/edgar/data/866095/000110465925073104/tm2522082d2_ex99-xax1xi.htm) |
| [(a)(1)(ii)](https://www.sec.gov/Archives/edgar/data/866095/000110465925073104/tm2522082d1_ex99-xax1xii.htm) | [Form of Letter of Transmittal.<sup>1</sup>](https://www.sec.gov/Archives/edgar/data/866095/000110465925073104/tm2522082d1_ex99-xax1xii.htm) |
| [(a)(1)(iii)](https://www.sec.gov/Archives/edgar/data/866095/000110465925073104/tm2522082d3_ex99-xax1xiii.htm) | [Form of Letter to Brokers, Dealers, Commercial Banks, Trust Companies and Other Nominees.<sup>1</sup>](https://www.sec.gov/Archives/edgar/data/866095/000110465925073104/tm2522082d3_ex99-xax1xiii.htm) |
| [(a)(1)(iv)](https://www.sec.gov/Archives/edgar/data/866095/000110465925073104/tm2522082d4_ex99-xax1xiv.htm) | [Form of Notice of Guaranteed Delivery.<sup>1</sup>](https://www.sec.gov/Archives/edgar/data/866095/000110465925073104/tm2522082d4_ex99-xax1xiv.htm) |
| [(a)(1)(v)](https://www.sec.gov/Archives/edgar/data/866095/000110465925073104/tm2522082d5_ex99-xax1xv.htm) | [Form of Letter to Clients of Brokers, Dealers, Commercial Banks, Trust Companies and Other Nominees.<sup>1</sup>](https://www.sec.gov/Archives/edgar/data/866095/000110465925073104/tm2522082d5_ex99-xax1xv.htm) |
| (a)(2) | None. |
| (a)(3) | Not Applicable. |
| (a)(4) | Not Applicable. |
| [(a)(5)](https://www.sec.gov/Archives/edgar/data/866095/000110465925073104/tm2522082d1_ex99-xax5.htm) | [Text of press release issued on July 25, 2025.<sup>1</sup>](https://www.sec.gov/Archives/edgar/data/866095/000110465925073104/tm2522082d1_ex99-xax5.htm) |
| [(a)(6)](https://www.sec.gov/Archives/edgar/data/866095/000110465925073104/tm2522082d1_ex99-xax6.htm) | [Text of press release issued on August 1, 2025.<sup>1</sup>](https://www.sec.gov/Archives/edgar/data/866095/000110465925073104/tm2522082d1_ex99-xax6.htm) |
| [(a)(7)](https://www.sec.gov/Archives/edgar/data/866095/000110465925081973/tm2524231d1_ex99-xax7.htm) | [Text of press release issued on August 22, 2025.<sup>2</sup>](https://www.sec.gov/Archives/edgar/data/866095/000110465925081973/tm2524231d1_ex99-xax7.htm) |
| [(a)(8)](https://www.sec.gov/Archives/edgar/data/866095/000110465925086762/tm2525031d1_ex99-xax8.htm) | [Text of press release issued on September 3, 2025.<sup>3</sup>](https://www.sec.gov/Archives/edgar/data/866095/000110465925086762/tm2525031d1_ex99-xax8.htm) |
| [(a)(9)](tm2525031d2_ex99-xax9.htm) | [Text of press release issued on September 3, 2025.<sup>4</sup>](tm2525031d2_ex99-xax9.htm) |
| (d) | None. |
| (g) | None. |
| (h) | None. |
| [107](tm2525031d2_exfilingfees.htm) | [Calculation of Filing Fees Table.<sup>4</sup>](tm2525031d2_exfilingfees.htm) |

---

<sup>1</sup> Incorporated by reference to the Fund's Schedule TO-I, as filed with the Commission on August 1, 2025.

<sup>2</sup> Incorporated by reference to the Fund's Schedule TO-I, as filed with the Commission on August 22, 2025.

<sup>3</sup> Incorporated by reference to the Fund's Schedule TO-I, as filed with the Commission on September 3, 2025.

<sup>4</sup> Filed herewith.

---

| | |
|:---|:---|
| **Item 13.** | ***Information Required by Schedule 13E-3*** |
| Not Applicable. | Not Applicable. |

---

**SIGNATURE**

After due inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

---

| | |
|:---|:---|
| ABRDN JAPAN EQUITY FUND, INC. | ABRDN JAPAN EQUITY FUND, INC. |
| *By:* | */s/ Lucia Sitar* |
|  | Name: Lucia Sitar, Esq. |
|  | Title: Vice President of the Fund |
|  | Dated: September 5, 2025 |

---

**EXHIBIT INDEX**

**EXHIBIT**

---

| | |
|:---|:---|
| &nbsp;&nbsp;[(a)(9)](tm2525031d2_ex99-xax9.htm) | &nbsp;&nbsp;[Press Release issued on September 5, 2025](tm2525031d2_ex99-xax9.htm) |
| &nbsp;&nbsp;[107](tm2525031d2_exfilingfees.htm) | &nbsp;&nbsp;[Calculation of Filing Fee Exhibit](tm2525031d2_exfilingfees.htm) |

---

## Ex-99.(A)(9)

**Exhibit 99.(a)(9)**

Press Release

**FOR IMMEDIATE RELEASE**

**For More Information Contact:**

Aberdeen Investments U.S. Closed-End Funds

Investor Relations

1-800-522-5465

Investor.Relations@aberdeenplc.com

**ABRDN JAPAN EQUITY FUND, INC. (JEQ) ANNOUNCES** 

**FINAL RESULTS OF CASH TENDER OFFER** 

(Philadelphia, September 5, 2025) – abrdn Japan Equity Fund, Inc. (NYSE: JEQ), announced today the final results of its cash tender for up to 7,072,985 shares, representing approximately 50% of the Fund's outstanding shares. The offer expired at 5:00 p.m. New York City time on September 2, 2025.

Based on information provided by Computershare Trust Company N.A., the depositary of the tender offer, approximately 11,116,238 shares of common stock or 78.6% of the Fund's outstanding stock were properly tendered, and the Fund has accepted, subject to adjustment for fractional shares, 7,072,985 shares for cash payment at a price equal to $8.04, which represents 98% of the Fund's net asset value per share ("NAV") as of the close of regular trading on the NYSE on September 3, 2025. Since the total number of shares tendered exceeded the number of shares the Fund offered to purchase, all tenders of shares were subject to proration (at a ratio of approximately 0.6363) in accordance with the terms of the tender offer. Following the purchase of the properly tendered shares, the Fund will have 7,072,985 outstanding shares. Payment of accepted shares is expected to be issued on or about September 12, 2025.

**Important Information**

The Fund's daily NYSE closing price and NAV, as well as other information, including updated portfolio statistics and performance are available at <u>https://www.aberdeeninvestments.com/en-us/investor/funds/view-all-funds/</u> or by calling the Fund's Investor Services at 1-800-522-5465.

abrdn Inc. has prepared this report based on information sources believed to be accurate and reliable. However, neither the Fund, abrdn Asia Limited (the Investment Manager), nor any other person guarantees their accuracy. Investors should seek their own professional advice and should consider the investment objectives, risks, charges and expenses before acting on this information.

In the United States, Aberdeen Investments is the marketing name for the following affiliated, registered investment advisers: abrdn Inc., abrdn Investments Limited, and abrdn Asia Limited.

Closed-end funds are traded on the secondary market through one of the stock exchanges. A Fund's investment return and principal value will fluctuate so that an investor's shares may be worth more or less than the original cost. Shares of closed-end funds may trade above (a premium) or below (a discount) the NAV of the fund's portfolio. There is no assurance that a Fund will achieve its investment objective. Past performance does not guarantee future results.

<u>Closed-End Funds \| Aberdeen</u>

\# \# \#

## Ex-Filing

?xml version='1.0' encoding='ASCII'? EX-FILING FEES

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Calculation of Filing Fee Tables** <br>

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Transaction Valuation**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Fee Rate**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Amount of Filing Fee**  |
| Fees to be Paid | 1 | $2192625.35 | 0.0001531 | $335.69 |
| Fees Previously Paid | 2 | $54674174.05 |  | $8370.62 |
|  | Total Transaction Valuation: | $56866799.40  |  |  |
|  | Total Fees Due for Filing: |  |  | $8706.31  |
|  | Total Fees Previously Paid:  |  |  | $8370.62  |
|  | Total Fee Offsets:  |  |  | $0.00  |
|  | Net Fee Due:  |  |  | $335.69  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Offering Note** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <sup>1</sup> The total transaction valuation of $56,866,799.40 is calculated as the aggregate maximum purchase price to be paid for 7,072,985 shares in the offer, based upon a price per share of $8.04, which represents 98% of the net asset value per share of the close of the regular trading session of the NYSE on September 3, 2025. This amendment reflects a total transaction valuation of $56,866,799.40 that is $2,192,625.35 higher than the highest total transaction valuation previously reported ($54,674,174.05). The amount of the filing fee is calculated in accordance with Rule 0-11 under the Securities Exchange Act of 1934, as amended, as modified by Section 6(b) Filing Fee Rate Advisory for Fiscal Year 2025, $153.10 per million dollars of the value of the transaction. A fee of $8,370.62 was previously paid by the Fund in connection with the filing of the Schedule TO-I by the Fund (File No. 005-60837) on August 1, 2025 (the "Schedule TO"), which was estimated based on the then-current total transaction valuation. This is the final amendment to the Schedule TO and is being filed to report the results of the offer. The total fees due for this filing are $8,706.31. After deducting the portion of the filing fees previously paid with the initial Schedule TO, a net fee of $335.69 is being paid with this amendment to the Schedule TO.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <sup>2</sup> A fee of $8,370.62 was previously paid by the Fund in connection with the filing of the Schedule TO-I by the Fund (File No. 005-60837) on August 1, 2025 (the "Schedule TO"), which was estimated based on the then-current total transaction valuation. This is the final amendment to the Schedule TO and is being filed to report the results of the offer.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | Registrant or Filer Name | Form or Filing Type | File Number | Initial Filing Date | Filing Date | Fee Offset Claimed | Fee Paid with Fee Offset Source |
| Fee Offset Claims | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Fee Offset Sources | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |

---