Pentax Life

During a meeting in Tokyo between Hoya and Pentax CEOs, Hiroshi Suzuki and Takashi Watanuki respectively, a basic agreement was reached on a friendly takeover bid. According to The Japan Times, Hoya buying Pentax’s stock for about 770 yen a share and is likely to approve the candidates for board of directors proposed by Pentax on condition that two executives from Hoya Corp. become part of the new board. Watanuki asked Hoya to allow Pentax to manage its business on its own for some time to balance its bottom line after it comes under the umbrella of the maker of optical glasses and lenses.

But a top Hoya official said Monday the appointments of board directors to be decided at the shareholders’ meeting will be “temporary” until the camera maker is turned into its wholly owned subsidiary.

So it’s nothing clear as yet. Probably more information would be available in June 25 when the next general meeting of shareholders is planned.