Citigroup is set to launch a tender offer for 100 percent of Nikko Cordial’s shares at 1,700 per share. Citigroup expects to launch the all-cash tender offer as soon as possible. The boards of both companies have approved the launch of Citigroup’s tender offer at this price.
Citigroup revised the price for its planned tender offer following the decision of the Tokyo Stock Exchange, Osaka Securities Exchange and Nagoya Stock Exchange to return Nikko Cordial’s shares to normal trading status, an action which significantly improves Nikko Cordial’s outlook and prospects.