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%
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.