New Development in Investigation of Proposed Buyout of AVX Corporation Reported by Block & Leviton
BOSTON, March 03, 2020 (GLOBE NEWSWIRE) -- Block & Leviton LLP ( www.blockesq.com ), a securities litigation firm representing investors and whistleblowers nationwide, is investigating the a proposed sale of AVX Corporation (NYSE: AVX) to its controlling stockholder, Kyocera Corporation.
Under the terms of the proposed merger, Kyocera is making an all-cash tender offer of $21.75 per share for the outstanding common stock of AVX. This will be followed by a squeeze-out merger in which all shares of AVX not tendered (other than shares owned by holders who validly seek appraisal or shares already held by Kyocera) will be converted into the right to receive $21.75 per share of AVX common stock, in cash. Kyocera currently owns approximately 72% of the outstanding shares of AVX common stock. Following completion of the Transaction, AVX will become a wholly owned subsidiary of Kyocera.
Most recently, on March 2, 2020, AVX filed a Solicitation/Recommendation Statement on Schedule 14D-9 with the U.S. Securities and Exchange Commission (the “Solicitation Statement”). The Solicitation Statement revealed that the Company’s Special Committee determined that the value of Kyocera’s initial proposal of $20.50 per share was not sufficient to recommend a transaction and that the Special Committee believed the appropriate purchase price for a transaction of this type was in the range of $23.00 to $25.00 per Share.
The Solicitation statement also advised investors that Kyocera’s tender offer will expire at one minute after 11:59 p.m., New York City time, at the end of the day on Friday, March 27, 2020 – giving investors less than a month to decide whether to tender their shares.
If you own AVX securities and have questions about your legal rights, or possess information relevant to this matter, you are encouraged to contact attorney Mark Delaney at (617) 398-5600, by email at email@example.com, or by visiting https://shareholder.law/avx.
Block & Leviton LLP was recently ranked 4th among securities litigation firms by ISS for recoveries in 2017. The firm represents many of the nation’s largest institutional investors and numerous individual investors in securities litigation throughout the country. Indeed, its lawyers have recovered billions of dollars for its clients.
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BLOCK & LEVITON LLP Mark Delaney (617) 398-5600 phone 260 Franklin Street, Suite 1860 Boston, MA 02110 firstname.lastname@example.org