After a month-long battle to maintain its independence, Pentax has “informally accepted” the 770 Yen per share takeover offer from glass maker, Hoya.

 

May 18, 2007: After a month-long battle to maintain its independence, Pentax has “informally accepted” the 770 Yen per share takeover offer from glass maker, Hoya.
Pentax’s board of directors is set formally to approve the move when they meet on May 24 but details of the timing of the takeover will be finalised at a later date, according to a report from The Financial Times. The acceptance ends weeks of turbulence which saw former CEO, Fumio Urano, ousted in a management coup because he had engineered the original merger plan with Hoya. Pentax’s largest shareholder, Sparx Asset Management, which owns 24% of the company’s shares, has been pushign for a return of Urano and another ousted board member, with the aim of re-starting the merger talks. It is unclear whether the two executives will be returned to the board as a result of the new agreement. Shares in Pentax have failed to rise above 770 Yen since the announcement.