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Japanese bid battle?
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April 8, 1999: 4:07 a.m. ET
Report: NTT confirms counter-offer for IDC, battle with C&W looms
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LONDON (CNNfn) - Japanese telecom giant NTT confirmed it is bidding for Tokyo-based rival International Digital Communications, setting up a takeover battle with Cable & Wireless according to a report published Thursday.
NTT's offer, reported in Thursday's The Wall Street Journal, comes a week after the U.K.'s Cable & Wireless (CW.) offered to increase its 17.7 percent stake in IDC to 100 percent.
NTT is seeking to build an international presence ahead of deregulation in its home market which will allow the former state-owned monopoly to compete in the overseas call market for the first time.
NTT is believed to have topped C&W's reported offer of 62.4 billion yen ($515 million). However, the U.K. firm has a contract with other IDC shareholders giving it first refusal in any buyout, according to the Journal.
IDC's other main shareholders are Toyota, the Itochu trading company and U.S. cellular operator AirTouch (ATI). 
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IDC
NTT
Cable & Wireless
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