By © Reuters.
(This Feb 9 story clarifies the offer was from Nippon Value Fund’s investment advisor, not the fund itself, in the headline and first, second and last paragraphs)
TOKYO (Reuters) – Intage Holdings Inc saw its share price soar when trading of its stock resumed on Thursday morning, as investors welcomed an offer from the investment advisor of Nippon Active Value Fund to buy out the market researcher for 76.7 billion yen ($664.18 million).
The British fund’s advisor on Feb. 7 said it offered to buy all Intage shares for 1,900 yen each.
That came after the advisory firm, Rising Sun Management, last month delivered a letter to Intage urging the Japanese researcher to consider a management buyout.
Intage on Thursday said it had received the offer, but that it was not considering a management buyout or de-listing.
Shares of Intage were priced as high as 1,870 yen in early trade, up 8.2% from Wednesday’s close.
The Tokyo Stock Exchange halted trading of Intage shares earlier on Thursday after the Nikkei reported the approach.
($1 = 115.4800 yen)
Intage shares soar after buyout offer
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