AVX Corporation (AVX)

[tedkov]

AVX Shareholders Upset Over Takeover Bid - (via Business Journal)
December 5, 2019
Tags: United States AVX Kyocera Corporate Affairs Mergers & Acquisitions

A group of AVX Corporation shareholders are attempting to block the purchase of the company by Kyocera Corporation. Kyocera, which owns a 72% stake in AVX, is seeking to acquire the remaining shares in the company that it does not already own for $19.50 per share.

The deal would represent a premium of approximately 29% to the preceding day's closing prior to the announcement.

The shareholders allege that the purchase price of $19.50 per share is insufficient in light of the company's growth prospects. In addition, shareholders allege that senior management and directors of AVX will obtain personal benefits for their own self interests in agreeing to sell the company at that price that are not being shared with common stockholders.

Six of the nine directors of AVX are current executive officers of Kyocera. Kyocera said that it will not allow a sale of AVX to a competing bidder.

AVX investor relations did not immediately respond to requests for a comment.

To contact the law firm on behalf of shareholders of AVX for more information as to how you can participate with other shareholders in seeking a higher price at no cost or expense can call toll free 800.511.7037 or email at [e-mail]

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