Nexo Founders with new Chairman and Chief Executive Officer, Mr. Keisuke Kobayashi (center) of Yamaha Corporation Japan.New York (August 5, 2008)--On July 31, Yamaha completed the first step in its planned acquisition of Nexo SA, purchasing all shares owned by the French speaker manufacturer's two founders.
In June, Yamaha announced its intention to acquire Nexo SA, with which it has had a strategic alliance since 2005. A tender offer for Nexo shares on the open market will be launched in September, with the objective of acquiring all of Nexo's remaining shares.
Following the completion of the acquisition of the founders' shares at a meeting of the Nexo board of directors, the board unanimously elected as its new Chairman and Chief Executive Officer, Mr. Keisuke Kobayashi of Yamaha Corporation Japan (former Head of Commercial Audio, Deputy General Manager at Yamaha's PA/DMI Division, and Director of Nexo).
Yamaha Commercial Audio Systems, Inc.