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Yamaha Completes Acquisition of Founders’ Shareholdings in French Company NEXO |
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As previously announced on June 19, 2008, Yamaha Corporation decided to seek to acquire NEXO SA, a leading French manufacturer and seller of professional acoustic speaker systems. This decision followed Yamaha’s successful strategic alliance with the company since 2005. Immediately after the decision, Yamaha made an offer, to purchase the shares of the two founders, who are the principal shareholders.
Subsequently, discussions proceeded as scheduled, and on July 31 (CET), Yamaha completed the first step of this acquisition by purchasing all of the shares of the two founders of NEXO. Going forward, Yamaha is scheduled to launch a tender offer for the remaining shares of NEXO on the open market in September, with the objective of acquiring 100% of NEXO’s shares.
Following the completion of the acquisition of the founders’ shares, at an extraordinary meeting of NEXO’s board of directors, the board elected as its new chairman and chief executive officer Mr. Keisuke Kobayashi of Yamaha Corporation. |
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| Outline of the share acquisition |
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Total acquisition amount |
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Approximately 35.8 million euros |
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Number of shares purchased |
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694,709 (at a price of 51.542 euros per share) |
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Percentage of ownership represented
by the acquired shares |
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74.9% (after full dilution) |
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Newly elected Chairman and CEO |
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Keisuke Kobayashi (Former Head of Commercial Audio, Deputy General Manager at Yamaha’s PA/DMI Division, and Director of NEXO) |
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| Anticipated timeline for completing the acquisition |
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September 2008 |
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Scheduled to launch a tender offer |
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October 2008 |
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Scheduled to complete the tender offer |
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October 2008 |
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Scheduled to apply to delist |
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For further information, please contact
Yamaha Corporation
Public Relations Division, Public Relations Group
TEL. +81-3-5488-6601
FAX. +81-3-5488-5060
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