April 21, 2017 / 10:03 AM / 3 months ago

Panasonic says it switches to all-cash offer to buy out PanaHome

1 Min Read

Panasonic Corp's logo is pictured at Panasonic Center in Tokyo, Japan, February 2, 2017.Kim Kyung-Hoon/Files

TOKYO (Reuters) - Japanese electronics maker Panasonic Corp (6752.T) said on Friday it has decided to make an all-cash offer to buy the rest of PanaHome Corp (1924.T) worth 92.4 billion yen ($846.9 million), cancelling an earlier stock-swap agreement.

Panasonic already owns 54.18 percent in PanaHome and it offers to pay 1,200 yen per share to acquire the rest of the shares, it said in a statement.

The offer represents a 16.4 percent premium to Friday's closing price.

Panasonic said last year it had agreed to buy out its subsidiary through an all-stock deal.

($1 = 109.1100 yen)

Reporting by Taiga Uranaka; Editing by Gopakumar Warrier

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