TOKYO (Reuters) - Tokyo Stock Exchange has proposed a tender offer for Osaka Securities Exchange Co <8697.OS> as the two bourses proceed in merger talks, Japan's Asahi newspaper reported on Tuesday.
The Tokyo exchange's plan includes buying all OSE shares to make it a wholly owned subsidiary, the paper said.
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The Jasdaq-listed OSE is set to reject the plan, however, the report also said.
Japan's biggest and second largest stock exchanges have been in talks on possible business integration amid a flurry of mergers and alliances among global exchanges.
(Reporting by Mariko Katsumura; Editing by Joseph Radford)