Thursday, November 06, 2008

Update on Panasonic/Sanyo

I posted a few days back that Panasonic is planning to buy Sanyo. Here's an updated report, indicating that the bid will come in January, with a goal of completing the deal by March:
The Nikkei news service cited “company sources” in a report today saying Panasonic will launch a tender offer for Sanyo shares as early as January, with plans to make the acquisition a subsidiary after acquiring a majority stake at the end of March.

Panasonic is expected to begin due diligence on Sanyo's assets and hopes to reach a basic agreement with the three largest holders of Sanyo preferred stock about the purchase price and other terms of the tender offer by the end of November, Nikkei’s sources said.

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