# EDGAR Filing Document

**Accession Number:** 0000866095
**File Stem:** 0001104659-25-081973
**Filing Date:** 2025-8
**Character Count:** 11891
**Document Hash:** a6390c6e0cfb40422133ccb1892fce56
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-25-081973.hdr.sgml**: 20250825

**ACCESSION NUMBER**: 0001104659-25-081973

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

**PUBLIC DOCUMENT COUNT**: 3

**FILED AS OF DATE**: 20250825

**DATE AS OF CHANGE**: 20250822

**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:** 251247420

**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 August 22, 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. 1)**

**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. 1 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 further amended hereby, the "Schedule TO") in order to update Item 12 to add exhibit (a)(7), a copy of the press release issued by the Fund dated August 22, 2025 announcing additional details relating to the Issuer Tender Offer.

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)](http://www.sec.gov/Archives/edgar/data/866095/000110465925073104/tm2522082d2_ex99-xax1xi.htm) | [Offer to Purchase.<sup>1</sup>](http://www.sec.gov/Archives/edgar/data/866095/000110465925073104/tm2522082d2_ex99-xax1xi.htm) |
| [(a)(1)(ii)](http://www.sec.gov/Archives/edgar/data/866095/000110465925073104/tm2522082d1_ex99-xax1xii.htm) | [Form of Letter of Transmittal.<sup>1</sup>](http://www.sec.gov/Archives/edgar/data/866095/000110465925073104/tm2522082d1_ex99-xax1xii.htm) |
| [(a)(1)(iii)](http://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>](http://www.sec.gov/Archives/edgar/data/866095/000110465925073104/tm2522082d3_ex99-xax1xiii.htm) |
| [(a)(1)(iv)](http://www.sec.gov/Archives/edgar/data/866095/000110465925073104/tm2522082d4_ex99-xax1xiv.htm) | [Form of Notice of Guaranteed Delivery.<sup>1</sup>](http://www.sec.gov/Archives/edgar/data/866095/000110465925073104/tm2522082d4_ex99-xax1xiv.htm) |
| [(a)(1)(v)](http://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>](http://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)](http://www.sec.gov/Archives/edgar/data/866095/000110465925073104/tm2522082d1_ex99-xax5.htm) | [Text of press release issued on July 25, 2025.<sup>1</sup>](http://www.sec.gov/Archives/edgar/data/866095/000110465925073104/tm2522082d1_ex99-xax5.htm) |
| [(a)(6)](http://www.sec.gov/Archives/edgar/data/866095/000110465925073104/tm2522082d1_ex99-xax6.htm) | [Text of press release issued on August 1, 2025.<sup>1</sup>](http://www.sec.gov/Archives/edgar/data/866095/000110465925073104/tm2522082d1_ex99-xax6.htm) |
| [(a)(7)](tm2524231d1_ex99-xax7.htm) | [Text of press release issued on August 22, 2025.<sup>2</sup>](tm2524231d1_ex99-xax7.htm) |
| (d) | None. |
| (g) | None. |
| (h) | None. |
| [107](http://www.sec.gov/Archives/edgar/data/866095/000110465925073104/tm2522082d1_exfilingfees.htm) | [Calculation of Filing Fees Table.<sup>1</sup>](http://www.sec.gov/Archives/edgar/data/866095/000110465925073104/tm2522082d1_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> 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: August 22, 2025 |

---

**EXHIBIT INDEX**

**EXHIBIT**

[(a)(7)](tm2524231d1_ex99-xax7.htm) <u>[Press Release issued on August 22, 2025](tm2524231d1_ex99-xax7.htm)</u>

## Ex-99.(A)(7)

**Exhibit 99.(a)(7)** 

**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 ADDITIONAL TENDER OFFER DETAILS AND ANTICIPATED TIMING OF REORGANIZATION WITH ABRDN GLOBAL INFRASTRUCTURE INCOME FUND (ASGI)**

(Philadelphia, August 22, 2025) – <u>abrdn Japan Equity Fund, Inc. (NYSE: JEQ)</u> today announces additional details relating to the Fund's tender offer and anticipated closing details relating to its upcoming reorganization with abrdn Global Infrastructure Income Fund (NYSE: ASGI).

**Tender Offer Timeline**

---

| | |
|:---|:---|
| · | **Tender Offer Expiration Date:** September 2, 2025 |
|  | The tender offer will expire at 5:00 PM ET, unless extended by the company. |

---

---

| | |
|:---|:---|
| · | **Tender Offer Valuation Date:** September 3, 2025 |
|  | The tender offer will price per share equal to 98% of the NAV determined as of close of business September 3, 2025 (or such later date as may be determined by the Fund if the tender offer is extended.) |

---

---

| | |
|:---|:---|
| · | **Tender Offer Settlement Date:** September 12, 2025 |
|  | Payment for shares accepted in the tender offer will be made on or around this date. |

---

**Reorganization Timeline**

---

| | |
|:---|:---|
| · | **Announcement of JEQ's Final Distribution, if needed:** September 19, 2025 |
|  | If required, the Fund intends to announce details of a final distribution payment of the Fund's net investment income and/or realized gains prior to the completion of the reorganization. |

---

---

| | |
|:---|:---|
| · | **JEQ's Final Day of Trading:** on or about October 10, 2025 |
|  | It is anticipated that October 10, 2025, will be the last day JEQ will trade on the New York Stock Exchange, subject to satisfaction of customary closing conditions. Any shareholders of JEQ as of market close on October 10, 2025 will receive newly issued common shares of ASGI with a value equal to the aggregate net asset value of the shares of JEQ and will be deemed shareholders of ASGI at the open of market trading hours on October 13, 2025. |

---

Please note that details relating to the pricing with respect to the above transactions will be announced on a timely basis in due course and available on the Fund's website at <u>AberdeenJEQ.com</u>.

**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.

Aberdeen Investments Global is the trade name of Aberdeen's investments business, herein referred to as "Aberdeen Investments" or "Aberdeen". In the United States, Aberdeen Investments refers to 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>

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