Gibson Guitar Corp. made an offer to acquire 54.4% stake in Teac Corporation (TSE:6803) from two funds of Phoenix Capital Co., Ltd. for ¥4.8 billion on March 29, 2013. Gibson Guitar will pay ¥31 in cash per share for a maximum of 157.5 million shares tendered. The tender offer period is scheduled to commence on April 1, 2013 and will remain open for 21 business days. The payment will be conducted on May 9, 2013. Post transaction, TEAC will remain a listed company on the Tokyo Stock Exchange's first section and will continue to be led by its current management. The transaction was unanimously approved by the Boards of Directors of both companies. Macquarie Capital Securities (Japan) Limited acted as financial advisor and Baker & McKenzie LLP acted as legal advisor to Gibson Guitar. SMBC Nikko Securities acted as tender offer agent. Citi Yuwa acted as legal advisor to TEAC.

Gibson Guitar Corp. completed the acquisition of 54.4% stake in Teac Corporation (TSE:6803) from two funds of Phoenix Capital Co., Ltd. on April 30, 2013.