Hoya raises Pentax offer
By
Mike Tomkins
(Monday, April 9, 2007 - 11:43 EDT)
Regular readers may remember that we told you late last year of a planned merger between Hoya Corp. and Pentax Corp.
A news article published yesterday by financial site Bloomberg (and subsequently updated with further information) suggests that not everybody at Pentax is satisfied with the plan, with six of the company's eight-member Board of Directors voting to cancel the merger plans on April 4th. Two days later, Hoya announced that it would raise its takeover bid in an effort to help win shareholder approval. The previous offer of 0.158 shares of Hoya common stock per share of Pentax would be replaced with an offer of ¥770 in cash per Pentax share (a number that could still change, as Hoya's board has yet to meet to approve the higher offer). Bloomberg reports the earlier offer had a value of ¥709.42 per Pentax share, making the new offer almost nine percent higher.
Meanwhile, the two Pentax board members who hadn't voted to cancel the merger plans - President Fumio Urano and Chief Financial Officer Katsuo Mori - have apparently both indicated their intention to resign, taking responsibility for last December's agreement. Remaining board members apparently favor board member and head of corporate development Takashi Watanuki as a replacement for Urano. Previously the head of Pentax's Philippines unit, Watanuki is a 29 year veteran of the company.
Interestingly, the Asahi newspaper has apparently reported that the six board members who voted to reject Hoya's previous offer also plan to reject the new offer.
More on the December announcement of the Hoya / Pentax merger plans can be found in an older article.
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