Announcement of Agreements toward Panasonic's
Acquisition of All Shares of Panasonic Electric
Works and SANYO
July 29, 2010 05:28 AM Eastern Daylight Time
OSAKA, Japan--(EON: Enhanced Online News)--Panasonic Corporation (NYSE: PC/TOKYO: 6752,
"Panasonic"), Panasonic Electric Works Co., Ltd. (TOKYO: 6991, "PEW") and SANYO Electric Co., Ltd.
(TOKYO: 6764, "SANYO") announced that they resolved, at their respective Board of Directors meetings held
today, to pursue a plan of Panasonic's acquisition of all shares of PEW and SANYO (the "Subsidiaries") in order to
make them wholly-owned subsidiaries of Panasonic (the "Acquisitions") by around April 2011 by way of tender
offers and, thereafter, share exchanges. The Panasonic Group will further combine the strengths of the three
companies through the Acquisitions, and aim to accomplish the recently released three-year midterm management
plan called the "Green Transformation 2012" ("GT12"), and further accelerate its efforts toward becoming the "No.
1 Green Innovation Company in the Electronics Industry," presented as the vision of the 100th anniversary of its
In order to implement the Acquisitions, Panasonic resolved, at its above-mentioned Board of Directors meeting, to
simultaneously commence tender offers for the shares of common stock of each of the Subsidiaries (the "Tender
Offers") (*). In addition, the Subsidiaries similarly resolved, at their respective Board of Directors meetings, to
endorse the Tender Offers, respectively, and to recommend that the Subsidiaries' shareholders tender their shares in
the Tender Offers. In the event that Panasonic does not purchase all of the PEW shares and SANYO shares
anticipated to be purchased through the Tender Offers, Panasonic is thereafter anticipated to implement share
exchanges to make each of PEW and SANYO a wholly-owned subsidiary of Panasonic (the "Share Exchanges") in
order to complete the Acquisitions.
(For details, please refer to "Panasonic announces Commencement of Tende