US, Singapore funds to bid to buy Japan's JVC - report |
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Tue, 06 Feb 2007 22:43
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TOKYO (XFN-ASIA) - Texas Pacific Group of the US and Singapore's CCMP Capital Asia Ltd plan to bid to acquire Victor Co of Japan Ltd, known as JVC, the Nikkei reported, without citing sources.Matsushita Electric Industrial Co Ltd holds a 52.4 pct stake in JVC.Matsushita entered into talks with Kenwood before the end of last year, and Cerberus proposed a management buyout in which the fund and JVC's management would buy JVC shares together, the business daily said.But Matsushita, which hoped to enhance the transparency of the purchase negotiations, started soliciting after the start of the new year firms other than Kenwood and Cerberus that want to acquire JVC, according to the Nikkei.Matsushita is expected to decide by around the end of March which of the four parties it will sell JVC to, and hopes to complete the deal before its general shareholders meeting in June, the report said.JVC was the pioneer of VHS-format videocassette recorders, but its earnings worsened because it was slow to adapt to the shift to digital products.(1 usd = 120.12 yen)yasuhiko.seki@xfn.comys/mas
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Banking and insurance highlights to 15:45 GMT 