Yamaha completes first stage of NEXO acquisition

Andy Wood Aug 7 2008, 8:00am

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Founders shares purchased and new chairman and CEO elected

Yamaha Corporation's proposed acquisition of NEXO SA has moved forward an important step with the purchase of the shares of the two founders, Eric Vincenot and Michael Johnson, who are the principal shareholders.

The decision to acquire NEXO, a leading French manufacturer and seller of professional acoustic speaker systems follows Yamaha's successful strategic alliance with the company since 2005.

Immediately after the decision, Yamaha made an offer to purchase the shares of the two founders, and on July 31 (CET), Yamaha succesfully completed the first step of this acquisition by purchasing all of the shares of the two founders of NEXO.

Yamaha is now scheduled to launch a tender offer for the remaining shares of NEXO on the open market in September, with the objective of acquiring 100 per cent of NEXO’s shares.

Following the completion of the acquisition of the founders’ shares, at an extraordinary meeting of NEXO’s board of directors, the board elected as its new chairman and chief executive officer Mr. Keisuke Kobayashi of Yamaha Corporation (pictured, centre).