C&W trumps Japanese bid for IDC

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The Independent Online
CABLE & WIRELESS, the UK's second-largest phone company, has raised its offer for International Digital Communications to 88.3 billion yen (pounds 448m) in cash and debt to top Nippon Telegraph & Telephone Corp's bid for the Japanese phone company.

C&W, which owns 17.7 per cent of IDC and was one of its founding shareholders, said it will offer 107,372 yen per share in cash, or Y55.1bn, for the remaining shares of IDC. That values the Japanese company at Y67bn, a 7.3 per cent premium to C&W's original offer. C&W will also assume Y33.2bn of IDC debt. The higher C&W bid could put pressure on IDC to review its stated intent to support NTT's bid.