Harmony Central Forums
Announcement Announcement Module
Collapse
No announcement yet.

Gibson Makes Strategic Investment in TEAC

Page Title Module
Move Remove Collapse







X
Conversation Detail Module
Collapse
  • Filter
  • Time
  • Show
Clear All
new posts

  • Gibson Makes Strategic Investment in TEAC

    Gibson Guitar Corp. announced early this morning an agreement to make a strategic investment into Japan's TEAC CORPORATION.

    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 transaction was unanimously approved by the Boards of Directors of both companies.

    Gibson has entered into an agreement, signed today, with Phoenix Capital in which two investment funds operated by Phoenix Capital have agreed to sell to Gibson all the shares they own in TEAC Corporation, or 157,447,000 shares, (54.4% of the issued and outstanding shares), at a price agreed between the parties of 31 JPY per share. As this will result in Gibson acquiring over one third of TEAC, Japan's Financial Instruments and Exchange Law requires Gibson to undertake a tender offer process.

    Thus, Gibson, through a special purpose vehicle, will make an all-cash tender offer to purchase 157,447,000 shares of TEAC common stock for 31 Japanese Yen per share in cash. Gibson will purchase a maximum of 157,500,000 shares. The tender offer period is scheduled to commence on April 1, 2013 and will remain open for 21 Japanese business days.

    Today, TEAC's Board of Directors issued a press release supporting the tender offer.

    here's the article from Gibson.com:

    http://www2.gibson.com/News-Lifestyle/News/en-us/Major-Announcement-from-Gibson.aspx

    Upon completion of the acquisition, TEAC will become a member of the Gibson family. This will not only expand the size and reach of Gibson

    INTERNET stands for: Inter-connected Network of Tools Endlessly Regurgitating Negatively Energized Tantrums

    My Guitars | ... but can he play? | Currently a Gold Trader +6

    Use extreme caution when attempting to interact or transact with IndianScout.

  • #2
    Makes some sense. Baby boomers will soon stop buying guitars in general and Gibson's in particular. If Gibson want to survive they need to sell what people are going to be buying.

    Don't know much about TEAC beyond their Tascam recorders though.

    Comment


    • harold heckuba
      harold heckuba commented
      Editing a comment

      This is so they can have a line of cheaper guitars under Epiphone with

      the Teac brand.


  • #3
    Hey, BG! What did Gibson do to opcode?
    INTERNET stands for: Inter-connected Network of Tools Endlessly Regurgitating Negatively Energized Tantrums

    My Guitars | ... but can he play? | Currently a Gold Trader +6

    Use extreme caution when attempting to interact or transact with IndianScout.

    Comment


    • Mad Tele
      Mad Tele commented
      Editing a comment

      i assume this means DJs will have wobbly turn tables and such right out of the box. 


    • Cloudguitar
      Cloudguitar commented
      Editing a comment

      Gibson wanted some Opcode engineers and some of it's technology for it's GIMICS experiment apparently, bought it, and killed off it's industry leading DAW Vision.

Working...
X