KDDI, Sumitomo Increase Jupiter Takeover Bid By 13%

Law360, New York (February 26, 2013, 3:51 PM EST) -- KDDI Corp. and Sumitomo Corp. have agreed to increase their 216 billion yen ($2.7 billion) take-private bid for Jupiter Telecommunications Co. by roughly 13 percent after Jupiter's minority shareholders pushed backed against an initial proposal, Jupiter said Tuesday.

KDDI and Sumitomo increased their offer to acquire the 30 percent of Jupiter they do not already own to 123 yen per share. The Japanese firms had originally offered 110 yen a share in October.

In a letter to shareholders, Jupiter — Japan's biggest cable television operator —...
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