12.05.2005 12:46 PM
Thomson to buy stake in Canopus

Thomson has signed an agreement to acquire 33 1/3% of the issued and outstanding shares of Canopus.

Under terms of the private transaction, Thomson is acquiring the company from Chairman and CEO Hiroshi Yamada and members of his immediate family. The purchase consideration will be settled 50% in cash and 50% in (821,917) Thomson shares. Yamada, the single largest shareholder of Canopus, together with his family holds approximately 40% of the company's shares.

The planned public tender offer is expected to last at least 42 days, and is anticipated to close January 16, 2006. Thomson is offering ¥148,000 per share, which reflects a premium of nearly 20% over the 30-day average closing price to December 2, 2005 of ¥123,900.

Thomson will purchase all shares tendered to it, conditional upon receiving enough tenders to bring its shareholding in Canopus to a minimum of 77.87%.

Thomson eventually plans to acquire 100% of the issued shares of Canopus and fully integrate the company with its Grass Valley business.

There is also discussion that Thomson is preparing to purchase Thales Broadcast & Multimedia. For more information on that story, read Thomson in talks to purchase Thales Broadcast.

For more information about Thomson, visit www.thomson.net.

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