Panasonic Announces $4.5B Tender Offer For Sanyo

Law360, New York (November 4, 2009, 6:28 PM EST) -- After negotiating with regulators in four countries, Panasonic Corp. on Wednesday announced its plans to make a tender offer valued at a minimum of $4.5 billion to acquire all shares of its rival Sanyo Electric Co.

Panasonic's board of directors resolved at a meeting on Wednesday to implement the tender offer, agreeing to pay 131 yen ($1.45) per share of Sanyo common stock and 1,310 yen ($14.51) per share of preferred stock while purchasing a minimum of 3.07 billion shares to gain a majority stake in...
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