UPDATE 1-Japanese suitors court Belgium's Metris - paper

* In talks with Nikon and Mitutoyo -paper

* Nikon bid about 6 euros/share vs 2.66 mkt value -paper

* Analysts say difficult to estimate fair value

* CEO won't comment on talks or identify other party

(Updates with CEO comment, background)

BRUSSELS, May 27 (Reuters) - Belgian measuring equipment group Metris METR.BR is in merger talks with Japan's Nikon (7731.T) and with Japanese precision measurement specialist Mitutoyo, Belgian daily De Standaard reported on Wednesday.

The Chief Executive of Metris, which makes measuring equipment mainly for the recession-hit aerospace and automotive sectors, declined to confirm the report, which put one of the bids at a price more than double its current market value.

On Tuesday, Metris said it was in confidential discussions after Euronext Brussels suspended trading of its shares.

"We have decided, in connection with the party we are having discussions with and also with (Belgian financial regulator) CBFA, that we would not give any further information, not to the identity of the party we're talking to, nor to the content of the discussions," CEO Bart Van Coppenolle told Reuters.

De Standaard reported camera and precision equipment maker Nikon was willing to offer about 6 euros per share for Metris, adding Metris was also in merger talks with Mitutoyo.

A 6 euro offer would value the company at some 75 million euros ($105 million), excluding warrants, compared with its market value of 34 million at Tuesday's close.

Analysts said finding a fair value for the shares was difficult, especially given the uncertain outlook for the automotive sector.

Before it was suspended, Metris stock traded at 2.66 euros per share.

Metris's net debt rose to 87 million euros ($121.5 million) at the end of 2008, from 52 million euros a year earlier. Core profit (EBITDA) was 3.7 million euros, down 76 percent year-on-year.

It said in March its lenders had agreed to waive breaches it had made to debt covenants.

Belgian holding company GIMV (GIMV.BR) is Metris's largest shareholder, with a 9.4 percent stake. (Reporting by Philip Blenkinsop and Anne Jolis, editing by Will Waterman)