Victor Company of Japan (JVC) and Kenwood announced they will merge under a holding company on Oct. 1, pending stockholder approval. The deal would establish JVC Kenwood Holdings, Inc. through a share transfer and it is subject to the approval of their respective general shareholders’ meetings to be held on June 27, according to a joint statement made by JVC and Kenwood.
Each JVC share will be exchanged for two shares in the holding company, and one Kenwood share will be exchanged for each share in JVC Kenwood Holdings.
Kenwood chairman Haruo Kawahara will become chairman of JVC Kenwood Holdings while JVC president Kunihiko Sato will become president.
to Daily News