Yamaha Completes Acquisition Of Founders' Shareholdings - AvNetwork.com

Yamaha Completes Acquisition Of Founders' Shareholdings

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BUENA PARK, CA─As previously announced on June 19, 2008, Yamaha Corporation announced its intention to acquire NEXO SA. The decision to purchase NEXO follows the successful strategic alliance between the two companies which transpired in 2005. Immediately after the decision to purchase NEXO, Yamaha Corporation made an offer to purchase the shares of the two founders who are also the principal shareholders.

Discussions have proceeded as scheduled, and on July 31 (CET), Yamaha completed its first step of the acquisition by purchasing all of the shares of the two founders. Yamaha is scheduled to launch a tender offer for the remaining shares of NEXO on the open market in September, with the objective of acquiring 100 percent of NEXO's shares.

Following the completion of the acquisition of the founders' shares at a meeting of the NEXO board of directors, the board unanimously elected as its new chairman and CEO, Keisuke Kobayashi of Yamaha Corporation Japan (former Head of Commercial Audio, deputy general manager at Yamaha's PA/DMI Division, and director of NEXO).

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