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Nikkei Report: U.S.Equity Firm Gets JVC

3/16/2007 12:22:00 PM Eastern

TOKYO — Matsushita Electric Industrial Co. has reportedly accepted a bid from the U.S. private equity firm TPG to purchase its JVC unit, according to the Nikkei Business Daily, here.

According to that report, Matsushita and TPG reportedly reached a preliminary agreement earlier today and are working out details of the acquisition, including the final sale price. Nikkei said Matsushita will sell all of its shares, totaling 52.4 percent of JVC's equity.

“Nothing has been decided,” Matsushita and Victor Company of Japan, maker of the JVC brand, said today in separate statements filed to the Tokyo Stock Exchange.

Nikkei also reported that TPG’s bid was estimated to have been 50 yen per share higher than that of rival U.S. bidder Cerberus Capital Management.