SBI Holdings, NTT form capital alliance, privatize SBI Sumishin Net Bank

SBI Holdings [TSE:8473] has entered into a strategic capital and business alliance with Nippon Telegraph and Telephone Corporation (NTT), marked by NTT Docomo's tender offer to privatize SBI Sumishin Net Bank. This deal, approved at a May 29th board meeting, involves NTT Docomo launching a tender offer for SBI Sumishin Net Bank shares, with SBI Holdings and Sumitomo Mitsui Trust Bank agreeing not to tender their shares. Following the tender offer, a share consolidation will occur, with SBI Sumishin Net Bank then repurchasing SBI Holdings' shares.