BUENA PARK, CA-Yamaha Corporation Japan will make an offer to the founders of NEXO to acquire all of their shares of the company.
In June 2005, Yamaha purchased a 10.22 percent interest in NEXO, a manufacturer of high-output speaker systems for professional use, and entered into a strategic alliance with the company. NEXO and Yamaha combined their know-how to develop the NXAMP powered digital TD controller, and have strengthened their capabilities for providing better system solutions for their clients.
"The offer to purchase NEXO by our parent company Yamaha Corporation Japan is a very positive move for both companies," states Larry Italia, vice president/general manager, Yamaha Commercial Audio Systems. "Right now, it is business as usual for us, our dealers and our customers."
Yamaha decided its joint activities with NEXO would generate results at a substantially accelerated pace if the two companies could work in closer cooperation. Accordingly, Yamaha decided to take steps toward making NEXO a wholly owned subsidiary of the Yamaha Group by offering to acquire the shares of the founders and, thereafter, launching a tender offer to acquire the remainder of NEXO's shares on the market. If agreed upon, the sale would be concluded later this year.