TOKYO (Nikkei)--Pentax Corp. has reached a preliminary agreement to be acquired by optical glass maker Hoya Corp. via a tender offer as soon as early June, bringing to a close a monthlong saga in which the camera maker has sought a path to surviving on its own, The Nikkei learned Wednesday.
In a meeting with Hoya Chief Executive Officer Hiroshi Suzuki, Pentax President Takashi Watanuki agreed to back the tender offer on two conditions: that Pentax is not merged with Hoya for the time being -- remaining a subsidiary -- and that six board members are allowed to retain their posts. Suzuki indicated that he would take the matter under consideration, paving the way for the basic accord. The two executives were joined by their financial advisers. Selling off Pentax's digital camera segment had previously been raised as a possibility. But this was not discussed at the meeting, and Hoya officials say the business will not be sold. Tom C. -- PDML Pentax-Discuss Mail List [email protected] http://pdml.net/mailman/listinfo/pdml_pdml.net
