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Kyocera, AVX Board Pay $50 Million to End $1 Billion Buyout Case

Sept. 22, 2022, 5:12 PM

Kyocera Corp. and board members at AVX Corp., which the Japanese conglomerate took private for $1 billion in 2020, will pay about $50 million to end litigation challenging the transaction, according to filings in Delaware’s Chancery Court.

The settlement, docketed Wednesday, calls for the $49.9 million payment to be made by insurers for Kyocera and the AVX directors to former investors in the South Carolina-based electronics company. Because the case is a class action, the pact requires the approval of the presiding judge, Vice Chancellor Sam Glasscock III.

Counsel for the investors will seek legal fees “not to exceed 21.5%" ...