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Bain Capital Says Kenwood Not Involved in D&M Bid
Bain statement says "Kenwood is not an investor in the proposed transaction, and there are no discussions or plans regarding a future alliance with D&M at this time."
Don't believe everything you read, says Bain Capital Partners.
The Boston-based global private investment firm made a tender offer to acquire all shares of D&M Holdings -- owners of Denon, Marantz, Boston Acoustics, Escient and MacIntosh.
It was reported last week that D&M agreed to the offer of 510 yen ($4.74) per share of common stock.
That much is true.
What isn't valid, according to a statement issued by Bain, are reports speculating that mobile electronics manufacturer Kenwood is involved in the agreed upon offer.
Reuters, for instance, reported Bain's bid is in conjunction with Kenwood, and that Kenwood is in the process of teaming with Victor Company of Japan (JVC).
Bloomberg, meanwhile, cited a Japanese newspaper's claim that Kenwood plans to invest up to 1 billion yen ($9.3 million) to buy shares from Bain.
The report added that the alliance would center on mobile electronics. A Kenwood company spokesman, however, told Bloomberg the decision to invest in D&M has not been made.
CE Pro cited both the Reuters and Bloomberg reports in its coverage of the acquisition bid.
Bain addressed the speculation by issuing a statement that "Kenwood is not an investor in the proposed transaction, and there are no discussions or plans regarding a future alliance with D&M at this time."
So that's that ... at least for now.
The Boston-based global private investment firm made a tender offer to acquire all shares of D&M Holdings -- owners of Denon, Marantz, Boston Acoustics, Escient and MacIntosh.
It was reported last week that D&M agreed to the offer of 510 yen ($4.74) per share of common stock.
That much is true.
What isn't valid, according to a statement issued by Bain, are reports speculating that mobile electronics manufacturer Kenwood is involved in the agreed upon offer.
Reuters, for instance, reported Bain's bid is in conjunction with Kenwood, and that Kenwood is in the process of teaming with Victor Company of Japan (JVC).
Bloomberg, meanwhile, cited a Japanese newspaper's claim that Kenwood plans to invest up to 1 billion yen ($9.3 million) to buy shares from Bain.
The report added that the alliance would center on mobile electronics. A Kenwood company spokesman, however, told Bloomberg the decision to invest in D&M has not been made.
CE Pro cited both the Reuters and Bloomberg reports in its coverage of the acquisition bid.
Bain addressed the speculation by issuing a statement that "Kenwood is not an investor in the proposed transaction, and there are no discussions or plans regarding a future alliance with D&M at this time."
So that's that ... at least for now.
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About the Author
Tom LeBlanc, Senior Writer/Technology Editor, CE Pro
Tom has been covering consumer electronics for six years. Before that, he wrote for the sports department of the Boston Herald. Migrating to magazines, he was a staff editor for a golf publication and an outdoor sports publication. Now, as senior writer/technology editor of CE Pro magazine since 2003, he dabbles in all departments and offers expertise in marketing.
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