GIBSON GUITAR SUCCESSFULLY CLOSES TENDER OFFER FOR 54.6% OF TEAC
-Becomes largest shareholder of TEAC-
Tokyo, Japan / Nashville, U.S. — May 9, 2013 — Gibson Guitar Corp., (“Gibson”), the world’s premier musical instrument manufacturer, today announced the successful completion of a tender offer through a special purpose company for 54.6% of the issued and outstanding shares of Japan’s TEAC CORPORATION (“TEAC”) (TSE: 6803), a recognized trailblazer in the audio visual industry. TEAC is one of the world’s top names in audio and visual equipment, and a leading producer of data storage equipment and related products.
The tender offer expired at 3:30PM Japan Time on April 30, 2013. SMBC Nikko has advised that, as of the expiration time, 157,447,000 shares were validly tendered, representing approximately 54.6% of all outstanding shares of common stock of TEAC. The transaction closed on May 9, 2013, when the shares were transferred.
As a result of this transaction, TEAC will become a member of the Gibson family, and it will also remain a listed company on the Tokyo Stock Exchange’s first section.
The company will continue to be led by the current management, as TEAC brings unique, forward- thinking technical and engineering capabilities in Japan to further enhance Gibson’s Pro Audio Division, with the ability to leverage Gibson’s global commercialization abilities.
Commenting on the closing of the transaction, Henry E. Juszkiewicz, Chairman and CEO of Gibson, said: “We are delighted to welcome TEAC into the Gibson family, and look forward to working closely with Yuji Hanabusa and his management team to build the largest music and sound business in the world with the ability to deliver an uncompromising entertainment experience to the customer, spanning musical instruments to the most innovative recording and audio/visual devices.”