Progress Update on Yageo-KEMET Merger2020/02/21
KEMET Corporation (NYSE: KEM) today announced that its stockholders have voted to approve the proposed acquisition by Yageo Corporation (TAIEX: 2327) at the special meeting of KEMET’s stockholders.
All merger progresses proceeded smoothly in accordance with the original plan, Yageo submitted the required filings to the Committee on Foreign Investment in the U.S. (CFIUS) and antitrust committees in six major countries around the world, and has successively obtained approval from three countries, including the United States, Germany, and Austria. The follow-up will be subject to the review results of Taiwan’s Fair Trade Commission, China’s Anti-Monopoly Bureau, and Mexico’s Federal Economic Competition Commission. In addition, the filing with CFIUS was accepted on January 23, 2020 and is currently under the initial forty-five (45) day review period.
The transaction remains on track and is expected to close in the third quarter of 2020, subject to the additional customary closing conditions and receipt of approval from the competent authorities.