Daiwa Securities Group Inc. said Tuesday its takeover bid for the Osaka-based brokerage Hinode Securities Co. has been successfully completed, paving the way to make the target a subsidiary.
A sum of 5.82 billion yen will be paid Sept. 5 for a combined 22.31 million shares to 266 stakeholders who took up the Daiwa offer. The purchase will raise Daiwa's stake in Hinode to 92.38 percent from 6.44 percent.
Daiwa offered 261 yen per share during the 33-day offer period to Monday. Hinode posted a group operating revenue of 6.84 billion yen and net profit of 1.02 billion yen during the 2005 business year to March 31.