Jupiter Telecommunications (JCom) has accepted a tender offer from Sumitomo Corp, making the group the largest shareholder with 40%.
Sumitomo previously held 27.40% of JCom, and the move to purchase further shares is being seen as an attempt to counter…
Jupiter Telecommunications (JCom) has accepted a tender offer from Sumitomo Corp, making the group the largest shareholder with 40%.
Sumitomo previously held 27.40% of JCom, and the move to purchase further shares is being seen as an attempt to counter KDDI Corp after it purchased 31.1% in February from Liberty Global.
Sumitomo will pay US$1.36bn for its increased stake holding.
JCom said: “We concluded that the tender offer will help enhance our corporate value.”
JCom, which is listed on the Jasdaq Securities Exchange, is Japan’s largest cable television operator.