Nikko Cordial: Southeastern Asset Management Won't Sell at 1700 Yen

Includes: C, NIKOY
by: John Bethel
Reuters reports that Mason Hawkins and company will not be selling their Nikko Cordial (OTC:NIKOY) stake to Citigroup (NYSE:C):

A spokesman for Southeastern Asset Management, Inc. said in a statement the firm "does not intend to tender the approximately 6.6 percent of Nikko Cordial owned by its clients at the 1,700 yen per share price offered by Citigroup."

This follows the statement issued by Orbis Investment Management in the last day saying it will not tender its Nikko shares at 1700 yen. Orbis further stated it is maintaining a sell order for its Nikko stake -- approximately 5.8% -- for 1900 yen per share.

According to Orbis, 29% of Nikko shares are now being offered for 1900 yen per share. Will this pressure Citi to raise its offer? Citi hasn't comment so far. Tender offer closes April 26.

The clock is ticking.