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.