TOKYO (XFN-ASIA) - US investment funds TPG Inc and Cerberus Group have separately placed bids to acquire a majority stake in Victor Co of Japan Ltd (JVC), the Nikkei reported, without citing sources.
Matsushita Electric Industrial Co Ltd, which owns a 52.4 pct stake, aims to select the prospective buyer for its struggling unit and finalize the deal by the end of this month, the business paper said.
Kenwood Corp and Singapore's CCMP Capital Asia Ltd had also expressed interest, but neither submitted a bid, the daily said.
Cerberus is proposing a management buyout, in which the fund would team up with JVC executives to purchase Matsushita's stake, while TPG, formerly Texas Pacific Group, is considering buying all remaining shares in JVC as well, rebuilding its operations as a private company, according to the report.
(1 usd = 118.32 yen)
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