MAY 16 I GIBSON I ACQUISITION
TEAC Becomes Part
of Gibson Family
Gibson successfully completed a tender offer this month through a special purpose company for 54.6 percent of the issued and outstanding shares of Japan’s TEAC Corporation. TEAC is an audio and visual equipment company, which manufactures Tascam products.
As a result of this transaction, TEAC will become a member of the Gibson family, and it will also remain a listed company on the Tokyo Stock Exchange’s first section.
TEAC will continue to be led by current management as it enhances Gibson’s Pro Audio Division with the ability to leverage Gibson’s global commercialization abilities.
“We are delighted to welcome TEAC into the Gibson family, and look forward to working closely with Yuji Hanabusa and his management team to build the largest music and sound business in the world with the ability to deliver an uncompromising entertainment experience to the customer, spanning musical instruments to the most innovative recording and audio/visual devices,” said Henry E. Juszkiewicz, chairman and CEO of Gibson.