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Rakuten completes Asahi Fire & Marine Insurance Co. tender offer

Japanese online services and e-commerce giant Rakuten Inc. said March 14 that it has completed its tender offer for shares of non-life insurer Asahi Fire & Marine Insurance Co. Ltd.

Rakuten said it completed the offer March 13 and the number of tendered shares totaled 16,773,720. The company made a tender offer of ¥2,664 per share of common stock and ¥10,656 per share of Series A class stock of the insurer.

Rakuten said it will purchase these shares and the settlement date will be March 30.

Japanese bank Nomura Holdings Inc. agreed to sell its shares in Asahi Fire & Marine Insurance to Rakuten on Jan. 29. At that time, Nomura held 4,584,100 ordinary shares, representing 53.6% of issued voting shares, and 2,084,000 preferred shares of the insurance company.

As of March 14, US$1 was equivalent to 106.17 Japanese yen.