Global Acoustic Partners LLC entered into a tender offer agreement to acquire 54.65% stake in Teac Corporation (TSE:6803) from Gibson Brands, Inc. for approximately ¥940 million on May 22, 2020. Under the terms of tender offer, Global Acoustic proposes to acquire 15.744 million share at the purchase price of ¥60 per share. The minimum and the maximum number of shares that will be acquired as part of the offer are 15,744,700 shares. The Board of Teac Corporation, at the board of directors meeting held on May 22, 2020, expressed an opinion to support the tender offer. In the tender offer, Teac Corporation, Gibson Brands and Gibson Holdings established a special committee. The tender offer will be open from May 25, 2020 till June 23, 2020. The final settlement date of tender offer is June 25, 2020. Mori Hamada & Matsumoto LPC acted as legal advisor and Harry Kalmanowicz and Alex Masters ofLincoln International LLC acted as financial advisor for Gibson Brands, Teac and KKR in the transaction. Phillip Securities Japan, Ltd. acted as tender offer agent in transaction.