On 20 September 2001 Vodafone Group Plc ("Vodafone") announced that its wholly-owned subsidiary Vodafone International Holdings B.V. ("VIHBV") would launch an agreed tender offer for up to 693,368 ordinary shares of JAPAN TELECOM Co., Ltd. ("JAPAN TELECOM"), representing 21.7% of the outstanding ordinary shares of JAPAN TELECOM (the "Offer"). The Offer, made pursuant to a tender offer registration statement filed on 21 September 2001, commenced on that date and closed for acceptances in Japan on Thursday 11 October 2001.
VIHBV has been informed by its tender offer agents, The Nomura Securities Co., Ltd. and UBS Warburg (Japan) Ltd., that at the close of the Offer, on 11 October 2001, 1,131,729 ordinary shares, representing approximately 35.4% of the outstanding ordinary shares of JAPAN TELECOM, or 163.2% of the ordinary shares sought in the Offer, have been tendered.
Accordingly, valid acceptances exceed the maximum number of shares sought in the Offer, and tendering shareholders will be scaled back pro-rata by approximately 38.7%, as more fully set out in the tender offer registration statement. Settlement is expected on Friday 26 October 2001.
Following the acquisition by VIHBV of 21.7% of JAPAN TELECOM's outstanding shares, the holding of Vodafone and its subsidiaries (the 'Vodafone Group") in JAPAN TELECOM will increase to a controlling level of 66.7%. Furthermore, the Vodafone Group's economic interest in JAPAN TELECOM's wireless business (the "J-Phone Group") will rise to 69.7%.
Sir Christopher Gent, Chief Executive of Vodafone, said, "We are very pleased that investors in JAPAN TELECOM welcome and support Vodafone's increased role in the company. We look forward to working closely with our colleagues at JAPAN TELECOM and J-Phone to build these businesses, and are delighted to have the backing and cooperation of Chairman Sakata and President Murakami and the management team at JAPAN TELECOM for our plans."
Vodafone and VIHBV were advised by UBS Warburg.
For further information contact:
Vodafone Group Plc
Tim Brown, Group Corporate Affairs Director
Melissa Stimpson, Head of Group Investor Relations
Darren Jones, Senior Investor Relations Manager
Jon Earl, Investor Relations Manager
Tel: +44 (0) 1635 673 310
Tavistock Communications
Lulu Bridges/John West
Tel: +44 (0) 20 7600 2288
UBS Warburg
Warren Finegold (London)
Charles Butterworth
Tel: +44 (0) 20 7567 8000
Steven Thomas (Tokyo)
Tel: +81 3 5208 6000
press.office@vodafone.com