The first report that Citi would launch a bid for more than 50% of Nikko Cordial stock crossed the wires Monday afternoon, US east coast time. More have been popping up all evening, such as this one from Bloomberg.
I think it's important that Citi was looking to boost its stake to 33.4% from 4.9% -- and now wants an absolute majority of shares. That suggests the financial integrity of Nikko Cordial remains intact. Though I could be wrong about that.
Okay, let's talk turkey. If Citi offers to buy my shares -- you know I own the ADRs trading OTC under the symbol NIKOY -- will I sell?
Sure, I'll sell out if Citi offers me acceptable price. And I'll report whether I sell or not on Controlled Greed.com. Stay tuned.
What does 1350 yen a share translate to for the ADR?
Posted by: C. Maoxian | March 06, 2007 at 09:25 AM
CM: One ordinary share equals one ADR. According to Bloomberg, 1350 yen equals US$11.59.
Posted by: John | March 06, 2007 at 11:46 AM