Shareholder Rejects Panasonic Bid For Sanyo
Sanyo's top shareholder has reportedly rejected Panasonic's latest offer for a stake in its rival. Wall Street giant Goldman Sachs, which owns 29 percent of Sanyo, rejected Panasonic's latest offer on Thursday, AFP reported.
Panasonic last month announced its intention to purchase Sanyo, and has since been negotiating with its owners, a consortium of institutional shareholders.
Reports Wednesday had Panasonic raising its offer for the stake, but the company issued a brief statement that the announcement "was not made by Panasonic, and the company has not decided anything" in regards to a purchase price.