Kyocera, which already owned about 72% of AVX, agreed to buy the remaining shares for $21.75 each in cash, about $1.03 billion in total. The price was 44.6% above AVX's share price before Kyocera's first offer became public in November 2019. A Kyocera subsidiary ran a tender offer, then merged with AVX to take it private. The deal Kyocera has owned a majority of AVX since 1990 and held about 72% of its shares before this deal. On February 21, 2020, the two companies signed a merger agreement under which a Kyocera subsidiary would offer $21.75 in cash for every AVX share it did not own. Davis Polk, Kyocera's legal adviser, put the cost at about $1.03 billion. The price was a 44.6% premium to AVX's close on November 26, 2019, the last trading day before Kyocera's first proposal became public. Timeline The tender offer, run through Arch Merger Sub, started on March 2, 2020 and ended on March 27 without an extension. About 31.8 million shares were tendered, roughly 67% of the shares Kyocera did not already own. Kyocera then completed a short-form merger on March 30, 2020, and AVX's remaining public shareholders received the same $21.75 per share in cash. About AVX AVX, based in Fountain Inn, South Carolina, makes passive electronic components such as capacitors, resistors, filters and connectors. They are used in phones, cars, medical devices and industrial equipment. The company now operates as Kyocera AVX. Why Kyocera did it Owning all of AVX removed the costs and conflicts of keeping a separately listed subsidiary and let Kyocera plan its electronic parts business as one unit. The timing matched rising demand for components in electric and connected cars and in 5G equipment.
