According to reports, Kyocera announced at the end of November that it had submitted a proposal to AVX's board of directors to acquire AVX common shares that are not owned by Kyocera for $ 19.50 per share in cash.

Prior to this, Kyocera already owned approximately 72% of AVX's issued common stock. If the transaction is completed, AVX will become a wholly-owned subsidiary of Kyocera.

The proposal will be reviewed by a special committee composed of AVX's board of directors. At present, Kyocera has no intention to disclose the progress of the acquisition.