Oct. 6, 2016
TDK Corporation (“TDK”, TSE: 6762, Representative Director and President: Shigenao Ishiguro) today announced that TDK had completed its acquisition of Hutchinson Technology Incorporated (“HTI”), a global supplier of critical precision component technologies. Under the terms of the merger agreement, each outstanding share of common stock of HTI was canceled and converted into the right to receive $4.00 per share, without interest. HTI’s common stock (NASDAQ: HTCH) has ceased trading on the NASDAQ Global Select Market. Nixon Peabody LLP acted as legal advisor to TDK on the transaction and Janes Capital Partners acted as TDK’s financial advisor. HTI was represented on the transaction by its legal advisor, Faegre Baker Daniels LLP, and its financial advisor, BofA Merrill Lynch.
About TDK Corporation
TDK Corporation is a leading electronics company based in Tokyo, Japan. It was established in 1935 to commercialize ferrite, a key material in electronic and magnetic products. TDK's portfolio includes electronic components, modules and systems* marketed under the product brands TDK and EPCOS, power supplies, magnetic application products as well as energy devices, flash memory application devices, and others. TDK focuses on demanding markets in the areas of information and communication technology and consumer, automotive and industrial electronics. The company has a network of design and manufacturing locations and sales offices in Asia, Europe, and in North and South America. In fiscal 2016, TDK posted total sales of USD 10.2 billion and employed about 92,000 people worldwide.
- * The product portfolio includes ceramic, aluminum electrolytic and film capacitors, ferrites, inductors, high-frequency components such as surface acoustic wave (SAW) filter products and modules, piezo and protection components, and sensors.
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