Vodafone Group PLC announced Friday that its wholly owned subsidiary successfully finished a takeover bid for Japan Telecom Co., receiving stock offers representing 35.4 percent of the outstanding ordinary shares of Japan's third-largest telecom carrier.
The Vodafone International Holding B.V., however, sought only an additional 21.7 percent of the outstanding shares to bring its stake to 66.7 percent.
Tendering of each shareholder will thus be scaled back by about 38.7 percent to keep Vodafone's stake at 66.7 percent, Vodafone Group said.
The settlement of the bid, scheduled for Oct. 26, will also bring Vodafone's economic interest in the J-Phone Group to 69.7 percent. The J-Phone Group is Japan Telecom's cellular business unit.