The Tokyo Stock Exchange, Inc. (TSE) has completed its tender offer for shares of the Osaka Securities Exchange Co., Ltd. (OSE), moving their proposed combination closer to completion by the end of the year.
The exchanges said Thursday that the tender offer, which was begun on July 11, was concluded successfully. As a result, it’s expected that the TSE will become the largest shareholder of the OSE, effective Aug. 29.
The deal, which received approval from the Japan Fair Trade Commission in July, still requires shareholder approval at meetings of both companies scheduled for later this fall. The merger is slated to occur on January 1, 2013.
Atsushi Saito, president & CEO of the TSE, said, “This is a significant step toward the birth of the Japan Exchange Group, Inc. in January next year… Moving forward, we will continue to seek opinions from market users and dedicate even greater effort toward quickly generating and maximizing synergies from our business combination.”
“Our efforts to make the Japan Exchange Group the growth engine of the Japanese economy and the financial hub of Asia that attracts global investment funds as the core exchange of a leading economic region in the world will be crucial in our ambitions to become the No. 1 exchange in Asia,” Saito added.