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.
- iStockAnalyst has this article
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