TOKYO Matsushita Electric received final bids on Friday (March 9) from two suitors for the sale of its JVC subsidiary.
As expected, Texas Pacific Group (TPG) and Cerberus Capital Management tendered bids, according to industry sources.
Matsushita, which holds 52.4 percent of JVC's equity, declined to comment on the bids.
TPG is seeking to buy out all of JVC's stock. Cerberus is proposing a management buyout involving JVC's management team. Sources said TPG offered a better price based on JVC's stock price.
Matsushita said it will select a bid and complete a deal by the end of March, which is the end of its current fiscal year.
JVC's stock price on the Tokyo Stock Exchange closed Friday at ¥597 ($5.05) a share on Friday, up ¥16 (13.5 cents) from the previous day. A total of 254 million JVC shares have been issued on the Tokyo exchange.