Thursday, May 31, 2007

Hoya President Announces Pentax Take Over For $863M: Pentax To Be A Subsidiary And Continue On Current Path

Hoya President Hiroshi Suzuki has announced that both boards of Hoya and Pentax have agreed for Hoya to purchase Pentax at 770 yen per share, roughly 863 million dollars, for share holders between June 4th and June 20th, 2007. Pentax will be a wholly owned subsidiary and will not relenquish its name.

Nobuaki Tanishima, who previously led the European operations for Pentax, will be elevated to Pentax president, replacing interim president Takashi Watanuki, on June 27th. As expected, Tanishima and Kou Torigoe of the camera division (one of the men most responsible responsible for Pentax's return to form as the top selling DSLR in Japan), will be on the new board of directors as Pentax's representation. Hoya will have 2 seats as well, and two more members will come externally to serve on the board of directors.

Links: Bloomberg News

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