Earlier in Tokyo, Nippon Telegraph rose 2.8 percent, to 1.46 million yen, or about $13,390.

Another $110,000 or so was reportedly placed in another account, controlled by Nippon Telegraph.

Government officials hoped that his experience in private industry would help prepare Nippon Telegraph for an era of deregulation and competition.

Japan's telecommunications market is dominated by Nippon Telegraph and Telephone.

The improved offer came in response to a sweetened offer from Nippon Telegraph.

Shares in Nippon Telegraph and Telephone were trading last week at less than half their price after the public offering.

It is a part of the Nippon Telegraph and Telephone Group.

Nippon Telegraph and Telephone should be split into three companies within five years, a Japanese advisory council said.

A huge offering of Nippon Telegraph was absorbed without the disruption the shaky market had feared.

In 2010, the company was fully acquired by Nippon Telegraph and Telephone.