Fuji Soft Inc., a provider of software and information technology services for Japan’s government, banks and other companies, is close to unveil buyout offers for four of its Tokyo-listed subsidiaries, people with knowledge of the matter said.

Cyber Com Co., Cybernet Systems Co., Fuji Soft Service Bureau Inc. and Vinx Corp. — all majority-owned by Fuji Soft — are the targets of the potential takeovers, the people said. Fuji Soft could propose to buy the shares they do not currently own in these companies for about ¥40 billion ($266 million), the people said. The goal of these deals is to boost synergies with the software businesses, they added.

An announcement could come as soon as Wednesday, according to the people. The potential offers will represent premiums to the current prices of the units, the people said.

Shares of the Fuji Soft units surged after the Bloomberg News report. Cyber Com jumped 10% in Tokyo, while Cybernet Systems and Fuji Soft Service both rose more than 4%. Vinx Corp. was up nearly 7%. Fuji Soft fell about 2.6%.

While discussions are at an advanced stage, they could still be delayed or fall apart, the people said, asking not to be identified because the plans aren’t public. A representative for Fuji Soft declined to comment.

3D Investment Partners Pte, Fuji Soft’s biggest investor with a 21.5% stake, has been pushing for Fuji Soft to either buy or dispose of its listed subsidiaries because they are undervalued. Last year, the Singapore-based activist fund sought to place four of its proposed directors on Fuji Soft’s board. In December, two of them were elected with the company’s support.

Japanese corporates have become more responsive to activist investor demand as bourse operator Japan Exchange Group Inc. said it will prod companies that trade below book values to disclose plans to boost their share price. Global investors, including Warren Buffett, are paying more attention to the country’s businesses, making Japan one of the world’s best-performing stock markets.

Read More: Hedge Funds Pushing for Japan Returns Get Help From Tokyo Bourse

Convenient store operator Seven & i Holdings Co. last month held its first-ever investor day and laid out a ¥200 billion share buyback plan, following a showdown with activist fund ValueAct Capital Management LP over future business strategy. The event was held in Japanese and English.

(Adds share moves in fourth paragraph and details on investor activism in Japan from seventh paragraph.)