Panasonic Seals $4.6B Sanyo Deal

Law360, New York (December 10, 2009, 1:23 PM EST) -- Panasonic Corp. announced Thursday the completion of a tender offer valued at ¥403.8 billion ($4.6 billion) to acquire a controlling stake in Sanyo Electric Co. Ltd., following months of regulatory road blocks.

The company is set to purchase a 50.2 percent stake in Sanyo, agreeing to fork over ¥131 ($1.45) per share of Sanyo common stock and ¥1,310 ($14.51) per share of preferred stock while purchasing a minimum of 3.07 billion shares, Panasonic said in a statement.

Panasonic and Sanyo first announced the proposed merger in...
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