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Gibson Guitar Successfully Closes Tender Offer for 54.6% of TEAC



  Gibson Guitar Successfully Closes Tender Offer for 54.6% of TEAC

                    -Becomes largest shareholder of TEAC-

Business Wire

TOKYO & NASHVILLE, Tenn. -- May 09, 2013

Gibson Guitar Corp., (“Gibson”), the world’s premier musical instrument
manufacturer, today announced the successful completion of a tender offer
through a special purpose company for 54.6% of the issued and outstanding
shares of Japan’s TEAC CORPORATION (“TEAC”) (TSE: 6803), a recognized
trailblazer in the audio visual industry. TEAC is one of the world’s top names
in audio and visual equipment, and a leading producer of data storage
equipment and related products.

The tender offer expired at 3:30PM Japan Time on April 30, 2013. SMBC Nikko
has advised that, as of the expiration time, 157,447,000 shares were validly
tendered, representing approximately 54.6% of all outstanding shares of common
stock of TEAC. The transaction closed on May 9, 2013, when the shares were
transferred.

As a result of this transaction, TEAC will become a member of the Gibson
family, and it will also remain a listed company on the Tokyo Stock Exchange’s
first section.

The company will continue to be led by the current management, as TEAC brings
unique, forward- thinking technical and engineering capabilities in Japan to
further enhance Gibson’s Pro Audio Division, with the ability to leverage
Gibson’s global commercialization abilities.

Commenting on the closing of the transaction, Henry E. Juszkiewicz, Chairman
and CEO of Gibson, said: “We are delighted to welcome TEAC into the Gibson
family, and look forward to working closely with Yuji Hanabusa and his
management team to build the largest music and sound business in the world
with the ability to deliver an uncompromising entertainment experience to the
customer, spanning musical instruments to the most innovative recording and
audio/visual devices.”

About Gibson Guitar

Gibson is known worldwide for producing classic models in every major style of
fretted instrument, including acoustic and electric guitars, mandolins and
banjos. Gibson's digital guitar, introduced in 2002, represents the biggest
advance in electric guitar design in over 70 years. Founded in 1894 in
Kalamazoo, MI, and headquartered in Nashville since 1984, Gibson Guitar
Corp.'s family of brands now includes Epiphone, Dobro, Valley Arts, Kramer,
Steinberger, Tobias, Slingerland, Maestro, Baldwin, Hamilton, Chickering and
Wurlitzer, as well as the audio lifestyle brands, KRK, Cerwin- Vega! and
Stanton. For more information visit: www.gibson.com,
www.facebook.com/gibsonguitar, www.twitter.com/gibsonguitar.

About TEAC

TEAC CORPORATION (TYO: 6803) is an electronics company based in Japan. It was
founded in 1953 as the Tokyo Electro Acoustic Company. TEAC manufactures and
distributes high grade audio video electronics, consumer electronics, computer
data recording and storage devices, computer peripherals and professional
recording equipment as well as disc publishing products. Products are marketed
under the brand names ESOTERIC (high end consumer audio products), TEAC
(consumer electronics – mass market audio products) and TASCAM (consumer to
professional audio products, mostly recording). To learn more about TEAC,
please visit: www.teac.com.

Photos/Multimedia Gallery Available:
http://www.businesswire.com/multimedia/home/20130509005863/en/

Multimedia
Available:http://www.businesswire.com/cgi-bin/mmg.cgi?eid=50629174&lang=en

Contact:

Gibson Guitar
Craig Anderton, +1-615-315-1819
or
TEAC
Yoshihide Nomura, +81-42-356-9116
or
Edelman Japan
Nakazato/Hayden, +81-3-6858-7711
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