Members GreatDane Posted March 29, 2013 Members Share Posted March 29, 2013 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.aspxUpon completion of the acquisition, TEAC will become a member of the Gibson family. This will not only expand the size and reach of Gibson Link to comment Share on other sites More sharing options...
Members PrawnHeed Posted March 29, 2013 Members Share Posted March 29, 2013 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. Link to comment Share on other sites More sharing options...
Members harold heckuba Posted March 29, 2013 Members Share Posted March 29, 2013 This is so they can have a line of cheaper guitars under Epiphone withthe Teac brand. Link to comment Share on other sites More sharing options...
Members GreatDane Posted March 30, 2013 Author Members Share Posted March 30, 2013 Hey, BG! What did Gibson do to opcode? Link to comment Share on other sites More sharing options...
Members Mad Tele Posted March 30, 2013 Members Share Posted March 30, 2013 i assume this means DJs will have wobbly turn tables and such right out of the box. Link to comment Share on other sites More sharing options...
Members Cloudguitar Posted March 30, 2013 Members Share Posted March 30, 2013 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. Link to comment Share on other sites More sharing options...
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