(Reuters) - NEW YORK/TOKYO, April 2 - Orbis Investment Management, a major shareholder of Nikko Cordial Corp. , said on Monday it will immediately place an order on the Tokyo bourse to sell its entire 5.8 percent stake in the Japanese broker at a price 12 percent higher than Citigroup's offer.
Orbis believes that Citigroup's offer of 1,700 yen per share for Nikko materially undervalues the company.
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