25 November 2009
folder [featCategs]
Panasonic's tender offer period for Sanyo gets extension
[firstParagraph]
PANASONIC has announced that it has submitted an amendment statement concerning its tender offer to acquire Sanyo Electronic's shares, which has resulted in the tender offer period being extended by two working days.
The amendment statement to its tender offer has been submitted to the director general of the Kanto Local Finance Bureau and results in the tender offer period being extended from November 5, 2009 to December 7, 2009 to December 9, 2009.
Panasonic is offering to purchase Sanyo for $9 billion(USD).
The US Federal Trade Commission has approved the acquisition on the condition that Sanyo sells its portable nickel metal hydride (NiMH) battery business, including its manufacturing plant in Japan.
The two electronics giants are the world's largest makers of the batteries. Sanyo's battery business will be sold to FDK Corp., a subsidiary of Fujitsu Ltd., within 15 days of Panasonic's acquisition of Sanyo.
Panasonic originally entered into an agreement with Sanyo as of December 19, 2008, with the intent of making Sanyo its subsidiary.