Citigroup has raised its offer for troubled Japanese brokerage firm, Nikko Cordial, to ¥1,700 ($14.53) per share.

Citigroup and Nikko Cordial announced today that they have agreed that Citigroup will launch a tender offer for 100% of Nikko Cordial’s shares at ¥1,700 per share, up from the ¥1,350 it initially planned to bid.

Citigroup explains that the revised the price for its planned tender offer follows 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.

The firms say they are looking forward to completing the comprehensive strategic alliance that both companies announced earlier this month. Citigroup says it expects to launch the all-cash tender offer as soon as practicable. The boards of both companies have approved the launch of Citigroup’s tender offer at this price.