Tokio Marine completes buyback of 10m shares
Tokio Marine Holdings decided on July 23, 2024, to conduct a tender offer for its own shares as a specific method of the share repurchase resolved at the meeting of its board of directors held on May 20, 2024. As the Tender Offer was completed on August 26, 2024, the Company announced the results thereof.
Outline of the tender offer
- Period of tender offer: From Wednesday, July 24, 2024 to Monday, August 26, 2024 (23 business days)
- Date of public notice of commencement of tender offer: Wednesday, July 24, 2024
- Number of shares to be purchased: 10,355,582
- Purchase price: 5,499 yen per share of common stock
- Settlement Commencement Date: Wednesday, September 18, 2024
The resolution made by the board of directors held on May 20, 2024 authorized a repurchase of up to 60,000,000 shares, representing approximately 3.0% of the total issued shares excluding treasury shares, for up to 100 billion yen, during the period from May 21, 2024 through November 15, 2024.
Results of the tender offer
Since the total number of share certificates tendered for the Tender Offer (12,244,567 shares) exceeded the number of shares to be purchased (10,355,582 shares), the Company will not, as previously described in the public notice of commencement of tender offer and the tender offer registration statement, purchase all or part of such excess and will implement the share transfer and other settlements by way of the pro rata allocation method.
In total, nearly JPY 57bn have been spent for approximately 0.5% of the total issued shares.
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