Friday, March 16, 2007
Matsushita has accepted a bid by Texas Pacific Group (TPG) to purchase its JVC subsidiary, according to sources close to the companies.
Matsushita received bids for JVC from TPG and Cerberus Capital Management. TPG offered a better price while the Cerberus bid involved current the JVC management team, sources said.
TPG intends to buy all JVC stock, then delist the company during a restructuring. TPG will again list JVC in the next five years. However, sources said that TPG won't keep JVC that long since there appears to be strong interest in parts of JVC by other potential buyers.
By: DocMemory
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