Several reports from overseas news agencies claim Pentax has withdrawn from a planned merger with Hoya Corporation that was announced late last year.
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April 11, 2007: Several reports from overseas news agencies claim Pentax has withdrawn from a planned merger with Hoya Corporation that was announced late last year. The planned merger of the two companies is said to have split the Pentax Board of Management and caused its chief executive to resign. Shareholders have also been reported as being unhappy with the stare ratio offered in the merger, which valued Pentax stock at the equivalent of 0.158 of Hoya stock. However, Hoya has since made a cash bid to take over Pentax and is currently awaiting the company’s response. The offer involved buying at least 51% of the Pentax business. The new cash offer values Pentax at 98.5 billion yen and is worth 17% more than the earlier stock swap agreement. Discussions are continuing. |
