Kyodo News has reported that optics maker Hoya has reached a basic agreement with Pentax to launch a friendly takeover bid for the camera maker in June 2007. According to the report, an unnamed Pentax official claims that Pentax CEO Takashi Watanuki told Hoya CEO Hiroshi Suzuki during a recent meeting that Pentax’s board of directors will accept a tender offer from Hoya. Pentax’s top shareholder, Sparx Group, is expected to support the tender offer.
The Kyodo report cites an expected May 25, 2007, date for Pentax’s board of directors to approve the deal, and predicts that the Hoya board will give its approval by the end of the month. After Hoya acquires a controlling stake in Pentax — which is expected to take place in early June — and purchases the camera company’s remaining shares, Pentax is expected to become a wholly owned subsidiary of Hoya.
For more on the history of the Pentax/Hoya merger, which has been in talks since last December, see our earlier stories here and here.
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