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Goldman No to new bid for Sanyo stake
Bill Condie4 Dec 2008
Investment bank Goldman Sachs has turned down a new $8.4 billion (£5.7 billion) offer from Panasonic for its near-30% stake in rival consumer electronics firm Sanyo Electric.
"We don't believe the [offer] process and price is fair for all Sanyo shareholders," a spokesman said.
Panasonic is believed to have lifted its bid to acquire all of the smaller Sanyo Electric by 10 yen to 130 yen a share. It was not clear how much of the company Panasonic is trying to buy.
Other major shareholders include Daiwa Securities, which indicated it is reviewing the offer positively.
Panasonic last month agreed to buy Sanyo but hadn't yet set a price. Insiders say its first offer was 120 yen a share.
Panasonic has not decided on the offer price. Goldman, Daiwa Securities and Sumitomo Mitsui Banking Corp together acquired 300 billion yen (£2.2 billion) in preferred shares during 2006.Converted to common stock, these would be equivalent to 70% of voting rights in Sanyo.
