AVX Corporation entered into an Agreement and Plan of Merger, with Kyocera Corporation, and Arch Merger Sub Inc. Pursuant to the Merger Agreement, Kyocera caused Merger Sub to conduct an all-cash tender offer for any and all of the outstanding shares of common stock, $0.01 par value, of the Company which Kyocera does not already own at an offer price of $21.75 per Share, net to the seller in cash without interest, and subject to deduction for any required withholding taxes On March 30, 2020, following consummation of the Offer, Merger Sub merged with and into the Company, with the Company surviving the Merger. Upon completion of the Merger on March 30, 2020, in accordance with the Merger Agreement, the members of Merger Sub’s board of directors immediately before the Merger, Shoichi Aoki, Hiroshi Fure, Koichi Kano, John Sarvis, Hideo Tanimoto and Goro Yamaguchi became the members of the Company’s board of directors. Accordingly, each of Donald Christiansen, David DeCenzo and John Ballato ceased serving as members of the Company’s board of directors at the Effective Time. These departures were solely in connection with the Merger and not a result of any disagreement with the Company, its management or its board of directors.