Morinaga & Co (TYO:2201) will repurchase up to 3.86 million shares, equivalent to 4.30% of its outstanding stock, through the Tokyo Stock Exchange's off-auction own share repurchase trading (ToSTNeT-3) system and an accelerated share repurchase (ASR) program, according to a Monday filing on the Tokyo Stock Exchange.
The buyback, valued at up to 10 billion yen, will be executed at 2,591.5 yen per share, the closing price on Nov. 18.
SMBC Nikko Securities, acting as a counterparty in the ASR, will initially sell 2.51 million shares, worth about 6.5 billion yen, with adjustments made to reflect the volume-weighted average price over a specified trading period.
Price (JPY): $2591.50, Change: $-12, Percent Change: -0.46%
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