For Reference:
SANYO’s Response to the Tender Offer of SANYO Electric Credit Co., Ltd.
Tokyo, April 25, 2007----SANYO Electric Co., Ltd. announced a decision after a board meeting today regarding its intentions to sell its stake in SANYO Electric Credit Co., Ltd. (SANYO Electric Credit) to STV Partners Corporation (STV), a wholly-owned subsidiary of the General Electric Company (GE, based in Connecticut, US) in response to the tender offer on March 23, 2007.
1. Reason for accepting the tender offer
Under plans to carry out the reorganization and restructuring of businesses through selection and concentration on the business portfolio, SANYO has progressed in structural transformations in the financial business. As a result of transferring 11,573,000 shares of SANYO Electric Credit in December 2005 to indirect wholly-owned subsidiaries of The Goldman Sachs Group Inc., SANYO presently holds 6,662,900 shares, or 16.68% of the total. Now, with the publicly announced tender offer from GE’s wholly-owned subsidiary STV, SANYO has decided to offer the entirety of its remaining shares to STV in order to further progress the company’s structural transformation in the financial business.
2. Outline of SANYO Electric Credit Co., Ltd.
| Name | SANYO Electric Credit Co., Ltd. | |
| Location of Head Office | Osaka, Japan | |
| Name of Representative | President Shohichi Ohshima | |
| Established | April 1969 | |
| Capital | 19,902,000,000 yen | |
| Fiscal Term | March | |
| Shareholder Organizations | SANYO Electric Co., Ltd. Mars Equity, LLC. Libretto, LLC. Others (shareholders holding under 10% omitted) |
16.68% 16.61% 16.61% |
| Business contents | Leases, installment sales, business loans, and other financial services | |
3. Outline of STV
| Firm Name | STV Partners, Inc. |
| Location of Head Office | Tokyo, Japan |
| Name of Representative | Takuji Enzan |
| Established | February 2007 |
| Capital | 5,000,000 yen |
| Business Contents | Operation respondent after tender offer |
4. Situation for successful exchange of stock shares
| Shared held before transfer | 6,662,900 shares (16.68%) |
| Shares to be transferred | 6,662,900 shares (16.68%) |
| Shares after transfer | 0 shares (0.00%) |
5. Schedule of tender offer transfer
| Tender offer time frame | March 26, 2007 to May 9, 2007 |
| Settlement date | May 16, 2007 |
6. Future outlook
Upon reaching an agreement for transfer, it is expected that the unconsolidated balance sheet for FY 2007 (ending March 31, 2007) will reflect the amount in extraordinary income of 16 billion yen and the consolidated balance sheet will show an operating income of 8 billion under “Sales, other”.
For Press Contact: (English Only):
- Global PR Section, Global Communications Department
Corporate Communications Headquarters
SANYO Electric Co., Ltd. - Tel: +81 (0)3-3837-6206
Fax: +81 (0)3-3837-6381
E-mail: i_press.1014390@sanyo.co.jp
