Osaka Exchange Holder Jupiter Asset Says Tokyo Bid Price Too Low
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Jupiter Asset Management Ltd., the London-based fund company that owns 1.2 percent of Osaka Securities Exchange Co., won’t go along with its takeover unless Tokyo Stock Exchange Group Inc. raises the price.
Shareholders deserve more than 480,000 yen a share because Osaka, which dominates Japan’s growing futures market, is more profitable than Tokyo, where volume in equities and public offerings are falling, according to Simon Somerville, manager of Jupiter’s Japan Income Fund. Osaka shares gained 4.9 percent to 462,000 yen since the merger was announced nine months ago.