World Business Briefing | Asia: Japan: Nikko Shareholder Says Bid Is Too Low
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The largest shareholder in the Nikko Cordial Corporation has rejected a $10.8 billion takeover offer from Citigroup, saying that the price is too low. The shareholder, Harris Associates of Chicago, which manages money for individual and institutional investors, believes that Nikko is worth more than 2,000 yen a share, the chief investment officer, David G. Herro, said. The offer made by Citigroup was for 1,350 yen. The share price of Nikko, which is based in Tokyo, advanced 14 percent before the Citigroup offer was announced on Tuesday and it rose another 1.3 percent yesterday, closing at 1,357 yen a share. Harris owns about 7.5 percent of Nikko.
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The Tokyo Stock Exchange decided on Monday not to strip Nikko Cordial Corp.  of its share listing over an accounting scandal in a surprise ruling that could weaken Citigroup's  $10.8 billion takeover bid for the brokerage.
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Japanese brewer Sapporo Holdings  is considering a management buyout to counter a possible takeover attempt by U.S. hedge fund Steel Partners, Kyodo news agency reported on Wednesday.
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Japan's Nikkei average fell for a fifth straight day to hit a one-month closing low on Wednesday as key exporters and techs such as Kyocera Corp. extended losses on renewed caution about the country's economic outlook.
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Japan&#39;s Nikkei average slipped 1.11  percent on Wednesday to its lowest finish in nearly two weeks,  hurt by a tumble in U.S. stocks and a stronger yen by offering  to buy a further 25 percent stake in the ailing chip maker for  $1.25 billion.
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Japan's Nikkei average fell for a fifth  straight day to hit a one-month closing low on Wednesday as key  exporters and techs such as Kyocera Corp. dropped on renewed  caution about the country's economic outlook.
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Citigroup  is considering selling  Nikko Cordial Corp's (8603.T) principal finance arm if it  acquires the scandal-hit Japanese brokerage group, the Nikkei  business daily said on Sunday.
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Japan's Nikkei hit a one-month low on  Wednesday as investors sold a broad range of shares, extending  losses from the day before when poor Japanese industrial output  data put a damper on the economy's outlook.
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Nikko Cordial Corp.'s  biggest shareholder, Harris Associates LP, dismissed Citigroup Inc.'s  $10.8 billion takeover offer for Japan's third-largest brokerage as too low, Bloomberg reported.
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The Nikkei average edged down 0.12  percent on Wednesday as profit-taking wiped out earlier gains  in Softbank Corp. (9984.T) and other index heavyweights, and  paper stocks lost ground after Oji Paper Co. Ltd. (3861.T) said  it expected its $1.4 billion takeover bid for a rival to fail.
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Japan's Nikkei share average fell nearly one percent on Tuesday after the dollar's retreat below 103 yen put pressure on exporters such as Sony Corp.
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Citigroup's  $10.8 billion tender offer to buy Nikko Cordial Corp.  looks just sweet enough to convince investors in the Japanese brokerage to sell, analysts said on Wednesday.
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Japan's Nikkei stock index tumbles 4% to its lowest level in 17 months on worries over the strong yen and high oil prices.
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Tokyo's Nikkei share average closed  slightly lower on Friday, as lingering disappointment over  recent statistics showing weakness in the economy weighed on  issues such as broker Nomura Holdings
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The Nikkei average fell 0.62 percent on   Wednesday as Softbank Corp. 9984.T and Yahoo Japan Corp.   4689.T declined on a bearish broker report from Credit   Suisse, while recent gainers such as Canon Inc. 7751.T also   came under pressure.
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Jerry Yang explained his companyâs rejection of Microsoftâs buyout offer in a letter to shareholders late Wednesday outlining why he believed the bid was too low.
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Japan's Nikko Cordial narrowly escaped being delisted from the Tokyo Stock Exchange Monday after a surprise decision which could complicate US giant Citigroup's attempt to take over the scandal-hit securities firm.