Aozora Bank Shares Jump After Activist Investor's Stake Buy [MarketWatch]
AOZORA BANK LTD UNSP/ADR (AOZOY)
NASDAQ:AMEX Investor Relations:
aozorabank.co.jp/english/ir
Company Research
Source: MarketWatch
Shares were recently 9.4% higher at 2,748.0 yen Thursday morning after rising as much as 18% earlier. Advertisement City Index Eleventh said Wednesday after market close that the company and an associate had collectively acquired 6.4 million shares of Aozora in the market for Y13.70 billion ($90.9 million) this month. The Tokyo-based investment company said it bought the shares so it could make significant proposals to the management depending on the situation. Aozora Bank shares had tumbled at the beginning of the month after the bank projected a fiscal-year net loss due to higher provisions for U.S. office loans and losses from foreign bonds. The bank said it expected to book a net loss of Y28.0 billion for the fiscal year ending March, down from the previous projection for a net profit of Y24.0 billion. Write to Kosaku Narioka at kosaku.narioka@wsj.com
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