Japanese cableco Jupiter Telecommunications’ board of directors has recommended their shareholders accept KDDI Corporation and Sumitomo Corporation’s tender offer to buy all remaining shares in the company.
In the same statement, Jupiter also…
Japanese cableco Jupiter Telecommunications’ board of directors has recommended their shareholders accept KDDI Corporation and Sumitomo Corporation’s tender offer to buy all remaining shares in the company.
In the same statement, Jupiter also announced that it will not give an interim dividend to shareholders on 30 June this year if the tender offer is completed, “as the economic outcome would be different between the shareholders who tender their shares in the tender offer and those who do not”.
As TelecomFinance previously reported, Japanese telco KDDI and trading house Sumitomo, which currently hold 30.71% and 39.98% stakes in Jupiter respectively, offered to buy all the remaining shares in Jupiter for Y216bn (US$2.71bn) in October. However, the companies raised the price of their tender offer yesterday to Y123,000 (US$1,335) per share, up from the initial offer price of Y110,000 (US$1,194) per share.
The tender offer was planned for earlier this month, but it was pushed back due to a delay in antitrust approval in China.
Goldman Sachs and Nagashima Ohno & Tsunematsu are advising Sumitomo during the tender process, and JP Morgan is advising KDDI. Nishimura & Asahi is acting as KDDI’s legal adviser.
