Kenwood USA said last week that its parent company has decided not to participate in the bidding for Japan Victor Corp. (JVC).
After thorough discussion and evaluation Kenwood Japan decided the purchase of JVC did not correspond with the company's aggressive long-term worldwide goals, the company said.
The interest in bidding for JVC, a subsidiary of Matsushita that also markets the Panasonic brand, began this year with four potential bidders including Kenwood, CCMP (Singapore) and two U.S investment firms, Texas Pacific Group and Cerberus. Since that time Kenwood and CCMP have re-evaluated their plans and decided not to bid, leaving Texas Pacific Group and Cerberus.
Matsushita has had little or no comment on the bidding process. Reports indicate that a decision on JVC may be made by the end of Matsushita's fiscal year on March 31.