All shares of AVX common stock that were validly tendered and not validly withdrawn have been accepted by Kyocera for payment in accordance with the terms of the tender offer.AVX Announces Completion of Merger with Kyocera Corporation Required fields are marked News For Electronics Purchasing And The Supply Chain
The proposal represents a 29.7% premium over the closing price as of November 26, 2019 and 27.4%, 27.6% and 27.0% premium over a 1-, 3- and 6- month average closing share price, respectively.Kyocera currently owns approximately 72% of AVX’s outstanding shares of common stock. In addition, “Notices of Guaranteed Delivery” have been delivered for 2,548,489 shares of AVX common stock, representing approximately 5.4% of the outstanding shares not already owned by Kyocera. All shares of AVX common stock that were validly tendered and not validly withdrawn have been accepted by Kyocera for payment in accordance with the terms of the tender offer. The proposal represents a 29.7% premium over the closing price as of November 26, 2019 and 27.4%, 27.6% and 27.0% premium … The tender offer expired one minute after 11:59 p.m. (New York City time) on March 27, 2020 and was not extended. Kyocera does not intend to disclose any developments unless or until it otherwise deems further disclosure is appropriate or required.Kyocera Corporation (TSE:6971) is a multinational ceramics, electronics and industrial cutting tool manufacturer headquartered in Kyoto, Japan.
As of the expiration of the tender offer, a total of 31,763,490.559 shares of AVX common stock were validly tendered and not validly withdrawn pursuant to the tender offer, representing approximately 67.0% of the outstanding shares of AVX common stock not already owned by Kyocera. If the transaction is completed, AVX would become a wholly owned subsidiary of Kyocera.Additional information regarding Kyocera’s proposal is included in a letter that Kyocera delivered to a special committee formed by the board of directors of AVX to evaluate a possible transaction with Kyocera, which is attached to this press release.
All shares of AVX common stock that were validly tendered and not validly withdrawn have been accepted by Kyocera for payment in accordance with the terms of the tender offer. Each remaining share of AVX common stock not purchased in the tender offer (other than shares held by AVX, Kyocera or their respective subsidiaries, or any AVX stockholders who have properly exercised their appraisal rights under Section 262 of the DGCL) was converted into the right to receive $21.75 in cash, net to the seller in cash, without interest and subject to deduction for any required withholding taxes, which is the same amount per share paid in the tender offer. Copyright © 2020 by AspenCore, Inc. All Rights Reserved. Kyocera completed the acquisition of AVX today through a second-step merger of a wholly-owned subsidiary of Kyocera with and into AVX, in accordance with Section 251(h) of the Delaware General Corporation Law (the “DGCL”).
Kyocera consists of more than 200 operating companies and has over 70,000 employees located throughout the world.Your email address will not be published. As a result of the completion of the merger, shares of AVX common stock ceased trading on the New York Stock Exchange (“NYSE”) prior to market open today and will no longer be listed for trading on the NYSE. The proposal will be reviewed by the special committee.No assurance can be given whether such proposal will lead to a transaction or as to any of the terms or conditions of such transaction. Kyocera Corporation (“Kyocera”) announced today that it has made a proposal to a special committee of the board of directors of AVX Corporation (“AVX”) to acquire all outstanding shares of common stock of AVX not owned by Kyocera for $19.50 per share in cash. Kyocera Corporation (“Kyocera”) announced today that it has made a proposal to a special committee of the board of directors of AVX Corporation (“AVX”) to acquire all outstanding shares of common stock of AVX not owned by Kyocera for $19.50 per share in cash. FOUNTAIN INN, S.C.–(BUSINESS WIRE)–AVX Corporation (NYSE: AVX) (“AVX”) announced today the successful completion of its previously announced acquisition by Kyocera Corporation (“Kyocera”), following the completion of Kyocera’s tender offer to purchase any and all outstanding shares of AVX common stock that it did not already own.
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