LONDON-Cable & Wireless plc announced its tender offer for Japanese telecommunications carrier International Digital Communications was successfully concluded, with sufficient shares having been tendered to take Cable & Wireless’ holding in IDC to 97.69 percent.
Of IDC’s 141 stockholders, 134 have tendered their shares. Prior to the tender offer, Cable & Wireless held 17.69 percent of IDC shares, said the company.
Cable & Wireless said it made its final offer on June 1, and valued IDC at approximately $574.2 million. Purchase of the shares will require a cash outlay by Cable & Wireless of about $459.3 million. Settlement will commence on June 21.
Stephen Pettit, Cable & Wireless’ executive director, said the tender offer process proved open and fair, but increasing its stake in IDC was a long and challenging process.
“In the coming weeks and months, we shall be building the foundations of a new and exciting future for Cable & Wireless IDC. We are already exploring with operators such as DDI and TTNet the mutual benefits of interconnecting the Cable & Wireless global network with other domestic networks in Japan,” said Pettit.
Established in 1986, IDC employs about 700 people and carries approximately 20 percent of Japan’s outgoing international traffic.
