It’s Official--Matsushita Owns MCA
From a Times Staff Writer
Matsushita Electric Industrial Co. said it officially completed its $6.59-billion acquisition of MCA Inc. on Thursday.
The Osaka, Japan-based electronics company had completed a tender offer for MCA stock for $66 a share Dec. 29. Any MCA shares that were not tendered to Matsushita by that date were converted automatically into a right to receive the $66-per-share purchase price.
Despite closing the deal, Matsushita’s MCA unit still has not resolved a dispute with U.S. government officials over a plan to sell the company’s concession operations in Yosemite National Park. Federal officials have objected to foreign ownership of the concession unit.
