Monday, March 12, 2007
Citigroup's $10.8 billion bid to acquire the troubled Japanese brokerage firm, Nikko Cordial, is facing shareholder pressure to increase the price, as a fourth major shareholder says it's too low. See NYTimes, 4th Shareholder of Nikko in Japan Rejects a Citigroup Offer as Low.
In a surprising development, the Tokyo Stock Exchange announced that it would not delist shares of Nikko Cordial, because it did not find evidence of systemic accounting problems or intentional fraud. See WSJ, Tokyo Stock Exchange Will Keep Nikko Cordial Shares Listed.