Baker & McKenzie Advises Daiwa Securities SMBC-PI on Panasonic’s Tender Offer for Sanyo
Baker & McKenzie advised Daiwa Securities SMBC Principal Investments, an investment and fund management firm and one of the three largest institutional investors of SANYO Electric, in relation to Panasonic’s tender offer to acquire the majority of the outstanding shares of SANYO. The approximately JPY840 billion transaction, which was concluded in December 2009, created Japan's number one electronics manufacturer.
Panasonic converted the preferred shares, which resulted in a 50.27 percent stake in SANYO, making SANYO a consolidated subsidiary of Panasonic. This was the world's biggest tender offer deal in the history of the battery industry for which our Firm received the 2010 ALB Law Award's M&A Deal of the Year.