Looks like the Panasonic/Sanyo deal is moving forward

The New York Times is reporting today that Panasonic is finally moving forward on its bid to buy Sanyo. Please note how it's positioned:
TOKYO — Panasonic said it would begin a tender offer for shares in Sanyo Electric on Thursday, moving closer to becoming a powerhouse in hybrid-car batteries and other green-energy businesses.
Clearly, Sanyo's imaging business, consumer cameras and security, is not the primary concern. Some interesting things here, though. First, Panasonic is going to pay about $4.4 billion, which seems like a lot until you realize they've got cash and cash equivalents of $16 billion, so it's kind of chump change for them. Second, when an acquisition of a public company is announced, there's often a premium paid over the last closed stock price. In this case, Panasonic is offering about 40 percent less than what Sanyo closed at. Clearly, Panasonic has Sanyo by the ... well, you get the idea. It's still pretty unclear what, if any, impact this will have on Sanyo's camera business, and I don't think we'll find out for a while. Here's the article I wrote when the news first broke of the imminent deal - you can see that things are pretty murky. Further, the wait hasn't hurt Sanyo too much - the offer maybe came down a couple pennies per share. It's a lot when multiplied by the 2 billion shares or so that Panasonic needs to get a majority ownership, but the individual shareholders seem to be doing alright.


The only thing holding up the deal was monopoly concerns over Sanyo's battery business, and they managed to find a seperate buyer for that division last week: http://www.twice.com/article/366664-Sanyo_To_Spin_Off_Some_Battery_Opera...