KDDI, Sumitomo Lob Joint $2.7B Bid At Japanese Cable Firm

Law360, New York (October 24, 2012, 3:40 PM EDT) -- Japanese companies KDDI Corp. and Sumitomo Corp. on Wednesday outlined a 216 billion yen ($2.7 billion) offer for the slice of Jupiter Telecommunications Co. Ltd. that they do not already own, the latest in a string of deals for Japan's telecommunications industry.

Under the terms of the transaction, the buyers would pay 110,000 yen for each remaining share in Jupiter, Japan's biggest cable provider, representing a 33 percent premium over the company's Friday close. As part of the deal, Jupiter would acquire fellow KDDI-controlled cable operator...
To view the full article, register now.