During the past few months several Companies have made approaches to buy the Japanese consumer electronics Company however over the weekend decided to accept a tender offer from Bain Capital to take D&M $4.74 per share, or roughly $442.9 million.
According to TWICE Magazine RHJ International, D&M's largest shareholder, also agreed to the takeover. RHJ owns 45.3 million shares, or 48.5 percent of outstanding fully diluted shares.
Once it launches the offer, Bain said it intends to purchase 100 percent of the shares of D&M Holdings. Other shareholders include Philips, which is D&M's second largest shareholder with about 12 percent of stock. Ten 10 other major shareholders, including Japanese banks, own most of the remaining stock.
Bain will launch the tender offer within 25 days of the D&M board's June 19 signing of the tender-offer agreement. Within a few months, D&M will be a wholly owned subsidiary of a holding company that Bain will create, said a spokesperson for D&M North America.
