Block & Leviton Investigates Possible Conflict of Interest by AVX Board: Investors are Encouraged to Contact the Firm

BOSTON, March 16, 2020 (GLOBE NEWSWIRE) -- Block & Leviton LLP (www.blockesq.com), a securities litigation firm representing investors and whistleblowers nationwide, is investigating the proposed sale of AVX Corporation (NYSE: AVX) to its controlling stockholder, Kyocera Corporation. Investors who are concerned about the value being offered for the company are encouraged to contact Block & Leviton.

Kyocera has made an all-cash tender offer of $21.75 per share for the outstanding common stock of AVX. This will be followed by a squeeze-out merger and all shares not tendered will be automatically converted into a “right” to receive $21.75 per share. Kyocera currently owns approximately 72% of the outstanding shares of AVX common stock, and the company is effectively controlled by Kyocera. Following completion of the Transaction, AVX will become a wholly owned subsidiary of Kyocera.

Most recently, on March 2, 2020, AVX filed a Solicitation Statement with the U.S. Securities and Exchange Commission.  The Solicitation Statement revealed that the Company’s Special Committee determined that the value of Kyocera’s initial proposal of $20.50 per share was inadequate and that the Special Committee believed the appropriate purchase price for an acquisition should be in the range of $23.00 to $25.00 per Share. Yet, the AVX Board is now recommending that the company’s minority shareholders tender their shares at a mere $21.75

The Solicitation statement also advised investors that Kyocera’s tender offer will expire at one minute after 11:59 p.m., New York City time, at the end of the day on Friday, March 27, 2020 – giving investors less than a month to decide whether to tender their shares.

If you own AVX securities and have questions about your legal rights, or possess information relevant to this matter, you are encouraged to contact attorney Mark Delaney at (617) 398-5600, by email at [email protected], or by visiting https://shareholder.law/avx.

Block & Leviton LLP is a firm dedicated to representing investor and maintaining the integrity of the country’s financial markets.  The firm represents both many of the nation's largest institutional investors and individual investors in securities litigation throughout the United States. Its lawyers have recovered billions of dollars for its clients.

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CONTACT:

BLOCK & LEVITON LLP
Mark Delaney
(617) 398-5600 phone
260 Franklin Street, Suite 1860
Boston, MA 02110
[email protected]