UPDATE 1-Nikko holder to join in tendering above Citi bid

(Reuters) - NEW YORK, April 3 - A major shareholder of No. 3 Japanese brokerage Nikko Cordial Corp. said on Tuesday it would join Orbis in tendering Nikko stock for sale at 1,900 yen per share, above Citigroup's takeover offer of 1,700 yen.

David Herro, a fund manager at Harris Associates, told Reuters his firm would follow Orbis Investment Management, which said on Monday it would place a sell order on the Tokyo Stock Exchange for its roughly 5.8 percent stake at 1,900 yen.


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Nikko Cordial investor pressures Citi to raise offer

(Reuters) - Analysts dismissed the move, which offers the shares at a price well above their current market value.

Orbis said it would immediately place an order on the Tokyo Stock Exchange to sell its entire 5.8 percent stake, adding that it believed Citigroup's offer of 1,700 yen per share for Nikko materially undervalued the company.


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UPDATE 4-Nikko Cordial investor pressures Citi to raise offer

(Reuters) - NEW YORK, April 2 - A major shareholder of No. 3 Japanese brokerage Nikko Cordial Corp. said on Monday it will immediately place a selling order on the Tokyo Stock Exchange for its entire stake of 56.5 million Nikko shares at 1,900 yen per share.

Orbis Investment Management said it believes that Citigroup's offer of 1,700 yen per share for Nikko continues to materially undervalue the company.


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Nikko shareholder says Citigroup offer too low

Citigroup's $10.8 billion offer to buy Nikko Cordial Corp. undervalues the Japanese brokerage, major Nikko shareholder Southeastern Asset Management said on Friday

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