TOKYO (Nikkei)--Grueling negotiations between Hoya Corp. (7741) and Pentax
Corp. (7750), rife with surprise twists and turns, came to an end Thursday
with the camera manufacturer consenting to a business integration.
Hoya will take full control of Pentax by acquiring it through a tender offer
and transforming the firm into a subsidiary. While Pentax will keep its
name and remain a separate entity, its entire board of directors will step
down. For its part, Hoya will end up paying more for Pentax than it would
have under a merger plan, but it was able to secure a free hand in managing
the company's operations.
Pentax's directors, including President Takashi Watanuki, will quit to
assume responsibility for the confusion that followed Hoya's announced
tender offer.
With the tortuous episode having rattled Pentax employees, Hoya Chief
Executive Officer Hiroshi Suzuki plans to visit domestic and overseas plants
to explain his business strategies.
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