Nikkon Holdings is considering going private and is preparing to hold a first round of bidding in early June, according to people familiar with the matter.

Several U.S. investment funds including Bain Capital, Warburg Pincus and Blackstone are expected to take part in the bidding, said the people, who asked not to be identified discussing confidential information.

The Tokyo-based logistics company has selected financial advisers for the privatization process and has also set up a special committee made up of outside directors to consider the matter, according to the people. Nikkon plans to hold a second round of bidding in August, the people said.

Spokespeople for Warburg Pincus and Blackstone declined to comment. Nikkon and Bain representatives weren¡¯t immediately available to comment.

Activist investors in Japan are becoming more vocal in pushing companies to bolster shareholder returns, including calling for sales of real estate holdings that have little connection to a firm¡¯s core operations.?

Japanese shareholders made record numbers of management proposals last year, and 2026 will also likely see a busy peak annual meeting season in June.?

Nikkon has indicated it would sell off business-related properties such as shipment facilities that aren¡¯t expected to generate more profits.

The company¡¯s market capitalization was about ?730 billion ($4.6 billion) on Wednesday. The total value of the transaction could swell to almost ?1 trillion depending on how much of a premium is added, the people said.?

Mergermarket reported on Nikkon¡¯s possible privatization on Tuesday. The company¡¯s shares jumped 10% on Wednesday to ?5,772, the highest closing level in data going back to 1974.

U.S. investment firm Farallon Capital Management owns 23% of Nikkon¡¯s shares, while Hong Kong-based Oasis Management holds 17%, data shows.

Nikkon was established in 1953, at a time when Japan was still rebuilding after World War II, and it developed two-floor trucks in 1956, according to its website.