Tokyo Stock Exchange Group Inc.'s tender for its Osaka rival ended Wednesday, with Skagen A/S and Westchester Capital Management Inc. agreeing to sell stakes in the smaller bourse as Japan seeks to boost its role as a financial hub.
Norway's Skagen, which manages about $15 billion in equities, tendered its 3,300 shares, according to the firm's portfolio manager, Kristian Falnes. U.S.-based Westchester, which manages $5 billion, tendered about 4,500 shares, according to its director of research.
The ¥480,000-a-share tender closed at 3:30 p.m., and the results were to be announced Thursday, according to the TSE. Shares on the Osaka Securities Exchange rose 0.9 percent to ¥442,500 Wednesday after closing at their lowest level this year Tuesday.