Sumitomo ignites bidding war for J:COM stake

No less than two days after KDDI announced it would lower its bid for a stake in cable operator J:COM, Sumitomo is going to make a tender offer for shares in the company--according to a source close to the matter.

Such a deal would make Sumitomo the largest stakeholder in J:COM and prevent KDDI from executing its plan acquire a major stake in the cable operator. However, Sumitomo said in a statement that there was 'no truth' to the rumor that it is making a move on J:COM. 

Sumitomo currently owns a 27.7 percent stake in J:COM, making it the second-largest shareholder in the cable MSO.

For more:
- iStockAnalyst has this article

Related articles
KDDI's J:COM purchase comes under regulatory scrutiny
KDDI to take a smaller bite out of J:COM
KDDI hopes to revive growth with J:Com purchase
KDDI America builds U.S. Ethernet hubs

Suggested Articles

icrosoft took the wraps off of a new cloud service for Azure via its partnership with Genesys.

Ahead of next month's fourth quarter earnings, Windstream touted its 2019 broadband achievements this week.

Cincinnati Bell announced on Friday that it has received an unsolicited buyout bid from an "infrastructure fund" for $12 a share in cash.