Electronics maker Panasonic today launched a tender offer to acquire more than 50% in rival Sanyo, aiming to make the company a subsidiary in a deal worth 400 billion yen (US$4.44B). Panasonic decided to make an offer for Sanyo last year, aiming to gain access to the electronic maker’s Green battery technology. Sanyo develops solar-cell technology and batteries for hybrid cars. If the deal goes through, the new company will be Japan’s second-largest electronics maker, after Sony.
The offer is on the table until December 7, but with Goldman Sachs, Daiwa Securities and the Sumitomo-Mitsui group all signaling they will agree to sell their shares, Panasonic is likely to see the deal go through. Panasonic is willing to pay 131 yen per share, but Sanyo was trading at 216 yen per share on Wednesday. After news of the tender offer broke, the value of single Sanyo shares dropped to 192 yen. Read more
Popularity: unranked [?]
