The Financial Times reports that a group of investors representing almost 30% of J:Com’s remaining shares is unhappy with the terms of an agreed takeover of J:Com by Sumitomo Corp and KDDI. The latter pair own about 73% of the Japanese cableco and are planning to launch a tender offer for the shares they do not already own, in an approach that was recommended last October by the board of J:Com. The minority, shareholders, however, say that J:Com’s financial position has improved recently, and they want Sumitomo and KDDI to pay more. The investor group is also reportedly unhappy that of the seven non-independent members of J:Com’s board recommending the offer, five are said to be linked to either Sumitomo or KDDI.
Meanwhile, J:Com has posted revenue for the year ending 31 December 2012 of JPY377 billion (USD4.2 billion), up 2.1% year-on-year. Net income came in at JPY41.6 billion, up 11.7% year-on-year. The company says it has 3.12 million cable TV connections, 1.98 million broadband subscribers and 2.48 million fixed line telephony users.