Softbank To Snag Rival Cellphone Co. In $2.6B Stock Deal

Law360, New York (October 1, 2012, 2:49 PM EDT) -- Japanese telecommunications firm and mobile phone services provider Softbank Corp. will acquire rival telecom firm eAccess Ltd. for $2.57 billion in a blockbuster stock deal, Softbank said Monday.

The telecom giant, known as Softbank of Japan, said it would pay roughly 52,000 yen (US$667.35) per share for eAccess, a roughly 345 percent increase to the firm's closing price of 15,070 yen on the Tokyo Stock Exchange on Friday.

Softbank said it hopes to complete the deal and make eAccess a wholly owned subsidiary by the end...
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