Osaka Securities Exchange co. (OSE) is ready to launch a tender offer for over two-thirds of shares in Jasdaq Securities Exchange Inc., the market for start-up firms.
The OSE will meet up soon with the Japan Securities Dealers Association (JSDA), which owns 72.6% of Jasdaq shares, to hammer out the share price and how many shares it will acquire. The JSDA plans to sell all or part of its stake.
The OSE will accept offers from securities firms and other shareholders apart from the JSDA to make sure it secures a stake of more than two-thirds. Apart from the JSDA, there are approximately 130 securities firms that own about 27% of Jasdaq shares. Their acceptance of the bid will depend on the share price and the OSEs business strategy.
If it secures more than two-thirds of Jasdaq shares, the OSE will be able to take sole control of decisions on important issues such as mergers, selling the business, and changing the articles of incorporation.