Jupiter Asset Management Ltd., which owns 1.2% of Osaka Securities Exchange Co. (8697.OK), will reject Tokyo Stock Exchange's Y480,000-a-share offer for the Osaka bourse unless the price is raised, Bloomberg News reported Friday on its website, citing Simon Somerville, manager of Jupiter's Japan Income Fund.

"We're certainly not going to support the deal in its current form," Bloomberg quoted Mr. Somerville as saying in an interview. "The price isn't right. TSE is being valued 50 to 60% higher than OSE in the terms of this deal. The problem at the moment is that the value's all in Osaka, not in Tokyo."

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