Tokyo Exchange Enters $30 Billion Merger Wave With Osaka Bid

Tokyo Stock Exchange Group Inc.’s takeover of Osaka Securities Exchange Co. marks its entry into a global wave of mergers that has seen $30 billion in proposed acquisitions over the last 13 months.

TSE offered 480,000 yen a share for its smaller rival, a 14 percent premium to Osaka’s close the previous day and 23 percent above its average price since the talks were announced March 10, according to data compiled by Bloomberg. Osaka Securities, whose derivatives platform hosts Nikkei 225 Stock Average futures, rose 4.6 percent to 440,500 yen. The offer implies the bourse is worth 129.6 billion yen ($1.68 billion).