Levi & Korsinsky, LLP has commenced an investigation into the fairness of the sale of AVX Corporation (“AVX” or the “Company”) (NYSE: AVX) to Kyocera Corporation (“Kyocera”) (OTCMKTS: KYOCY). Under the terms of the merger, Kyocera will acquire all outstanding shares of AVX common stock not owned by Kyocera in an all-cash tender offer for $21.75 per share. The tender offer will be followed by a squeeze-out merger in which all of the outstanding shares of AVX common stock not tendered in the tender offer (other than shares owned by holders who validly seek appraisal or shares already held by Kyocera) will be converted into the right to receive $21.75 per share of common stock, in cash. Following completion of the transaction, AVX will become a wholly owned subsidiary of Kyocera.
The AVX merger investigation concerns whether the Board of AVX breached their fiduciary duties to stockholders by failing to adequately shop the Company before agreeing to enter into this transaction and whether Kyocera is underpaying for AVX shares, thus unlawfully harming AVX shareholders.
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