Daiwa Securities SMBC Co. and Kansai Electric Power Co. said Monday they will sell their shares in Nippon Broadcasting System Inc. to Fuji Television Network Inc. to support its tender offer for the radio broadcaster and thwart a takeover attempt by Internet company Livedoor Co.

Daiwa Securities SMBC, an agent for Fuji TV’s tender offer, said it has decided to sell its 2.63 million shares in Nippon Broadcasting, which amounts to about 8 percent of all outstanding shares.

In Osaka, Kansai Electric officials said it took steps Feb. 18 to sell its 0.37 percent stake, or 120,000 shares, in Nippon Broadcasting. The power company had bought the shares in 1954, when the radio broadcaster was established.

The Nippon Broadcasting shares held by Daiwa Securities SMBC were acquired from the founding family of the Fujisankei Communications Group, the nation’s largest entertainment business. Fuji TV and Nippon Broadcasting are both members of the group, and Nippon Broadcasting is Fuji TV’s largest shareholder.

Fuji TV is offering to purchase Nippon Broadcasting shares at 5,950 yen per share. Nippon Broadcasting shares, listed on the second section of the Tokyo Stock Exchange, closed Monday at 6,700 yen.

Daiwa Securities SMBC decided to sell its shares partly because Fuji TV’s offer exceeds the price it bought them at, a Daiwa official said.

The securities company is certain it can unload all the shares it has in the radio broadcaster, the official added.

Kansai Electric President Yosaku Fuji said the company decided to sell in consideration of its future relationship with the Fujisankei group.

Tokyo Electric Power Co., Kodansha Ltd. and Mitsubishi Electric Corp. have committed to selling their Nippon Broadcasting stakes to Fuji.

Challenged by Livedoor, Fuji TV has lowered its equity stake acquisition goal for Nippon Broadcasting from more than 50 percent to more than 25 percent and re-extended the deadline for the tender offer by five days to March 7.

Under the Commercial Code, a stake of more than 25 percent would allow Fuji TV to prevent Livedoor from indirectly controlling the TV company as the radio broadcaster would be unable to exercise voting rights through its stake in Fuji TV.

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