eAccess shareholders have approved the stock swap deal with Softbank, the Japanese telco announced on Friday.
As TelecomFinance previously reported, Japanese operator Softbank agreed to acquire smaller rival eAccess in a share swap deal on 1 October, …
eAccess shareholders have approved the stock swap deal with Softbank, the Japanese telco announced on Friday.
As TelecomFinance previously reported, Japanese operator Softbank agreed to acquire smaller rival eAccess in a share swap deal on 1 October, valuing each eAccess share at Y52,000 (US$670) as part of the share exchange.
The exchange ratio was then raised last month from 16.74 to 20.09 following a decline in Softbank’s share value.
In an announcement to the Tokyo stock exchange following an extraordinary shareholders meeting, eAccess confirmed that the share exchange agreement had been approved.
“Accordingly, the share exchange will be implemented effective as of 1 January 2013, whereby Softbank shall become the sole parent company of [eAccess] and [eAccess] shall become a wholly-owned subsidiary of Softbank,” said the statement.
