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Yamaha Corp. Intent to Purchase NEXO
June 26, 2008
Source: Yamaha
Yamaha Corporation
Japan has announced that its Board of Directors, at their
meeting held on June 19, 2008, has decided to make an offer
to the founders of NEXO S.A. (Headquarters: Parc du Pr de
la Dame Jeanne, 60128 Plailly, France; Registered with the
Senlis Trade and Companies Registry ["Registre du Commerce
et des Socits"] under number 317 272 540; President:
Michael Johnson; Hereinafter, NEXO) to acquire all of their
shares of NEXO.
Yamaha has 40 years of experience in the development of professional
audio systems, and was one of the first companies to commercialize
digital mixing consoles. Products such as the Yamaha PM1D
and PM5D have become global standards in the industry. Yamaha
has worked to drive steady growth of its Professional Commercial
Audio business segment with their digital mixing consoles,
signal processors, and power amplifiers.
In June 2005, Yamaha purchased a 10.22% interest in NEXO,
a leading brand in the field of high–output speaker systems
for professional use in large concert venues, halls, and theaters,
and entered into a strategic alliance with the company. NEXO
and Yamaha combined their know-how to develop the NXAMP Powered
Digital TD controller and joined forces to strengthen their
capabilities for providing better system solutions for their
clients.
"The offer to purchase NEXO by our parent company Yamaha
Corporation Japan, is a very positive move for both companies,"
states Larry Italia, Vice President/General Manager, Yamaha
Commercial Audio Systems, Inc. "Right now, it is business
as usual for us, our dealers and our customers."
Yamaha came to the conclusion that its joint activities with
NEXO would generate results at a substantially accelerated
pace if the two companies could work in closer cooperation.
Accordingly, Yamaha decided to take steps toward making NEXO
a wholly owned subsidiary of the Yamaha Group by offering
to acquire the shares of the founders and, thereafter, launching
a tender offer to acquire the remainder of NEXOs shares on
the market.
After NEXO becomes a subsidiary, Yamaha will continue and
further develop the NEXO brand as well as its know-how, and
strengthen capabilities for creating system solutions by advancing
the position of NEXO and Yamaha in speaker technology. Yamaha
will also work to enhance its development capabilities in
existing product lines and strengthen its production capacity
through the use of NEXO's production facilities.
If agreed upon, the sale would be concluded later this year.
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