Pentax to Merge with Hoya

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TOKYO (Reuters) – Japanese high-tech glass maker Hoya Corp. (7741.T: Quote, Profile, Research plans to launch a friendly tender offer bid to take control of Pentax Corp. (7750.T: Quote, Profile, Research 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.

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[tags]pentax, merger, news, hoya[/tags]