UPDATE Panasonic To Announce Sanyo Tender Offer Late April
27 Febbraio 2009 - 10:22AM
Dow Jones News
Panasonic Corp. (6752.TO) said Friday it plans to unveil details
including its tender offer schedule to take over Sanyo Electric Co.
(6764.TO) around late April this year, suggesting completion of the
acquisition may be delayed.
In a statement, Panasonic said the tender offer is scheduled to
be launch "as soon as practicable following the completion of
necessary procedures and measures under domestic and foreign
competition laws and regulations."
The Osaka-based consumer electronics manufacturer was widely
expected to launch a tender offer by the end of March and had
planned to give the progress of the takeover plan by the end of
February.
In December, Panasonic said it will launch a tender offer for
Sanyoat Y131 a share to take a majority stake in the company.
Panasonic said at the time it plans to buy Sanyo shares via the
tender offer from Goldman Sachs (GS) and Japanese finance houses
Sumitomo Mitsui Banking Corp. and Daiwa Securities SMBC Co., as
well as individual shareholders.
The statement came after the Nikkei reported earlier Friday that
the deal will be delayed due to regulatory hurdles.
"Unless the deal is canceled, investors won't be surprised,"
said one analyst, who declined to be named.
Shares of Panasonic closed up 1.4% at Y1,154, while Sanyo shares
closed unchanged at Y139.
-By Hiroyuki Kachi, Dow Jones Newswires, 813-5255-2929,
hiroyuki.kachi@dowjones.com