TDK Corp. and its wholly-owned subsidiary TDK Germany GmbH announced that its voluntary public takeover offer for EPCOS AG has been very successful. During the additional acceptance period which ended on October 27, 2008 the offer was accepted for 9.57% of the shares in EPCOS. Together with the 35.96% of the EPCOS shares which were tendered within the first acceptance period, as well as 48.82% of the shares which TDK has directly or indirectly purchased outside the offer, the company now has secured a total shareholding of 94.35% in EPCOS.
Takehiro Kamigama, President and COO of TDK, commented: "We have reached a major milestone and are very satisfied with the final result. TDK and EPCOS are now in an excellent position to prepare the next steps of the envisaged business combination. We look forward to working closely with the management team and the employees of EPCOS in the future on creating a new global force in electronic components."
Final settlement and closing of the offer are scheduled for November 6, 2008. Independent of the settlement, TDK and EPCOS will continue to cooperate closely with the relevant authorities in Brazil, China and South Korea to ensure swift regulatory approval of the transaction.
As soon as possible, TDK and EPCOS will initiate the next steps of the envisaged business combination process. It is stated that this will create a new leading electronic components company with a comprehensive product portfolio and a strong presence across customer sectors and regions. To achieve this objective, TDK will soon start with the process of carving out its relevant passive components business. Subject to approval at the Annual General Meeting in June 2009, the carved-out business will then be combined with EPCOS under a new company provisionally named TDK EP Components KK.
