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

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

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)