Nomura to tender 101.9m shares in NRI

Maria Nikolova

After the transaction, the ratio of shares to total outstanding shares Nomura owns in NRI will change to 23.07%.

Nomura Holdings Inc (TYO:8604), or NHI, has announced that will tender 101,910,700 of the ordinary shares it owns in Nomura Research Institute Ltd (TYO:4307) through a self-tender offer. The offer was approved at a board meeting held by NRI on June 18, 2019.

After completion of the transaction, the percentage of shares to total outstanding shares NHI owns in NRI will change from 36.59% (as of March 31, 2019), to 23.07%. NRI is set to remain an equity method affiliate of NHI on a consolidated basis.

The tender offer price is 1,570 yen per share. The period of the tender offer is from July 1, 2019 to July 29, 2019. The settlement date is August 21, 2019.

NHI had been considering the optimal capital relationship with NRI, and discussed the possibility of NHI selling a portion of the shares it owns in NRI. NRI proposed the Tender Offer to NHI and after considering NRI’s proposal NHI decided to tender its shares under the Tender Offer.

NHI plans to use the funds raised from the sale of NRI’s ordinary shares under the Tender Offer to enhance its corporate value through shareholder returns and investments to further grow its business.

NHI will announce the impact of the transaction on its consolidated financial results as soon as it has been determined.

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