Softbank shares rise after it says to buy rival eAccess
TOKYO, Oct 2 (Reuters) - Shares of mobile operator Softbank Corp rose 4 percent to 3,230 yen on Tuesday after it said it would acquire smaller rival eAccess Ltd in a $1.84 billion deal that steps up its fight for market share with nearest competitor KDDI Corp .
Softbank will pay 52,000 yen ($670) for every eAccess share under a share swap that will be completed in February, Softbank said after the market close on Monday, a premium of more than three times eAccess's closing price on Friday of 15,070 yen.
Shares of eAccess were untraded with a glut of buy orders. The stock was notionally quoted at 20,700 yen, up 9 percent from its Monday close of 19,000 yen. ($1 = 78.0600 Japanese yen)
(Reporting by Dominic Lau; Editing by Chang-Ran Kim)
Keywords: EACCESS SOFTBANK/SHARES