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Nippon Telegraph unit launches buyout offer for NTT Urban Development

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Nippon Telegraph unit launches buyout offer for NTT Urban Development

NTT-SH Corp., a unit of Nippon Telegraph & Telephone Corp., launched an offer for the remaining shares of Tokyo-based property company NTT Urban Development Corp., having already acquired 95.20% of its voting rights.

The shares will be acquired at ¥1,680 apiece, with settlement expected Jan. 11, 2019.

Earlier, NTT-SH launched a tender offer that attracted 91,854,482 NTT Urban shares, leading to the company becoming a special shareholder with a 27.91% shareholding.

As a result, Nippon Telegraph made a contribution in kind of all the 221,481,500 shares it owned to NTT-SH, leading to the company amassing a 95.20% interest.

NTT Urban expects its shares to be delisted from the Tokyo Stock Exchange on Jan. 8, 2019.

As of Dec. 14, US$1 was equivalent to ¥113.41.