Tuesday, February 26, 2013
DJ: Sumitomo, KDDI To Hike Tender Offer Price For Jupiter Telecom
TOKYO--Sumitomo Corp. (8053) and KDDI Corp. (9433) said Tuesday that they have raised the price of their tender offer to buy Jupiter Telecommunications Co., Japan's biggest cable-television operator, to Y123,000 per share.
The Japanese trading house and the nation's second-largest mobile carrier, which together hold 70.7% of Jupiter, said they will launch tender offer to buy Jupiter between Wednesday and April 10.
The two companies in October offered to buy the remaining shares they don't own for Y110,000 per share. But many minority shareholders, generally institutional investors in the U.S., Europe and Asia, questioned the valuation.
The two companies also had to push back the planned tender offer which was initially scheduled earlier this month, due to a delay in approval from the Chinese antitrust authorities.
But the companies said the antitrust procedures in China were completed earlier this week.