U.S. law firm Orrick, Herrington & Sutcliffe has advised Japan's largest mobile phone operator Docomo, publicly listed some 28 years ago, on a 4.25 trillion yen ($40 billion) tender offer by its parent company NTT to take it private.
According to Reuters, NTT will launch Japan's largest-ever tender offer for the 34 percent of NTT Docomo stock that it does not own, the firm said in a statement. The firm will offer 3,900 yen per share.
The buyout comes as new prime minister Yoshihide Suga calls on wireless carriers to reduce prices, with the government hoping resultant savings will stimulate consumer spending elsewhere in the economy, Reuters added.
The Orrick team was led by partners Hiroshi Sarumida, Harry Clark and Richard Smith.
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