Shares of Nikko Cordial were set to rise by their daily limit on Wednesday after Citigroup raised its offer for Japan’s third-largest broker by 26 per cent, in a move that could increasing the cost of of acquiring the group to Y1,578bn ($13.5bn).

Nikko Cordial shares were untraded in Tokyo on Wednesday morning with a glut of buy orders at Y1,690, up 13.4 per cent on Tuesday’s closing price. The shares jumped 6 per cent in Tokyo on Tuesday before Citigroup’s announcement and closed at Y1,680 in Frankfurt.