Hoya to launch tender bid for Pentax after June 1
TOKYO (Reuters) - Japanese high-tech glass maker Hoya Corp. (7741.T) plans to launch a friendly tender offer bid to take control of Pentax Corp. 7750.T after June 1, people involved with the deal told Reuters late on Wednesday.
The Pentax board is prepared to accept Hoya's offer of 770 yen a share for the Japanese camera and medical equipment maker, but under some conditions such as keeping Pentax as a subsidiary and allowing most of its directors to stay on as board members.
Tokyo-based Pentax took a month to consider Hoya's offer, which triggered a split within its board. Last month it dumped president Fumio Urano, who had led the talks with Hoya, and appointed Takashi Watanuki, who had opposed a merger.
The decision by the new management comes amid mounting pressure from top Pentax shareholder Sparx Asset Management 8739.Q, a Tokyo-based investment fund, to accept Hoya's sweetened tender offer, or come up with an alternative plan that could yield better returns.
Hoya shares were up 3.44 percent at 3,920 yen in early trade. Pentax was down 0.64 percent at 772 yen.
BEIJING - China's economy grew at its slowest pace in 18 months at the start of 2014, but did a touch better than expected and showed some improvement in March, suggesting Beijing will not rush to follow up recent steps to support activity. | Video
BEIJING/HONG KONG - China reiterated its opposition on Thursday to a European Union plan to limit airline carbon dioxide emissions and called for talks to resolve the issue a day after its major airlines refused to pay any carbon costs under the new law.