LOS ANGELES, DEC. 29 -- Japan's largest electrical company today closed its $6.6 billion purchase of entertainment giant MCA Inc., completing the largest Japanese acquisition of an American firm.
Matsushita Electric Industrial Co. acquired about 77.7 million shares of MCA stock at $66 per share, Matsushita said in a statement. Its acquisition totals about 97 percent of outstanding MCA shares.
The buyout matches Matsushita's electronics products with MCA's movie and music empire. MCA operates Universal Studios, which made such films as "E.T. the Extra-Terrestial," "Back to the Future" and "Jaws." The company holds recording contracts with such artists as Guns N' Roses and Elton John and produces the television programs "Murder, She Wrote" and "Major Dad." It also owns theme parks in Florida and California.
Matsushita products are marketed in the United States through such brand names as Panasonic, Technics and Quasar.
MCA will become a wholly owned subsidiary of Matsushita and all remaining MCA stockholders will be entitled to receive $66 in cash for each share still held, the statement said.
Legal obstacles to the deal were removed Friday after a federal judge in Los Angeles rejected a bid by MCA shareholders seeking to block the sale. The lawsuit contended that MCA Chairman Lew Wasserman was violating Securities and Exchange Commission rules by receiving tax-free stock transfers as part of the deal.
In a separate case, U.S. Supreme Court Justice Antonin Scalia denied a last-minute motion in an antitrust suit filed by Go-Video Inc., maker of dual-deck videocassette recorders.