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).
NEXO's founders Eric Vincenot and Michael Johnson (pictured left and right) will remain on NEXO's Board of Directors within the company and Michael Johnson has been nominated to the position of Deputy General Director.
Outline of the share acquisition
Total acquisition amount: Approximately 35.8 million euros
Number of shares purchased : 694,709 (at a price of 51.542 euros per share)
Percentage of ownership represented
by the acquired shares: 74.9 per cent (after full dilution)
Newly elected Chairman and CEO: Keisuke Kobayashi (Former Head of Commercial Audio, Deputy General Manager at Yamaha’s PA/DMI Division, and Director of NEXO)
Anticipated timeline for completing the acquisition
October 2008: Scheduled to complete the tender offer
October 2008: Scheduled to apply to delist