Hoya to launch takeover bid for Pentax in June

0 Comments | AFP, May, 2007

TOKYO (AFP) — Japanese optical glass maker Hoya Corp. said Thursday it will launch a friendly takeover bid for camera maker Pentax Corp. in early June, after months of shareholder resistance and boardroom strife.

The two companies have reached an agreement to integrate their management though a tender offer by Hoya of 770 yen (6.33 dollars) per Pentax share to turn the camera maker into a wholly owned subsidiary, Hoya said in a statement.

The two firms first agreed in December to merge through a share swap in the latest reshuffle of the nation's camera industry.

They scrapped the plan when Pentax shareholders complained they were getting a bad deal. A majority of Pentax's board members also reportedly opposed the initial plan, leading to the resignation of...