RTTNews | Sep 29, 2020 10:53AM EDT

10:53 Tuesday, September 29, 2020 (RTTNews.com) - Japan's Nippon Telegraph And Telephone Corp. (NTT) will launch a tender offer for shares in NTT Docomo, it does not already own. NTT plans to make its mobile unit NTT Docomo into a wholly-owned subsidiary, NTT Docomo said in a statement.

NTT Docomo said that its board has supported the tender offer.

NTT already owns about 2.14 billion shares in NTT Docomo, representing 66.21% of NTT Docomo stock. It aims to buy remaining shares through a tender offer of 3,900 yen per share.

The offer prices represents a more than 40% premium to Monday's closing price in Tokyo. The offer is reportedly worth about 4.25 trillion yen or about $40 billion.

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