Cameras

Hoya Buys Out Pentax for $864M

Pentax has accepted a bid offer by Hoya for $864 million.

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June 1, 2007 – Digital camera manufacturer Pentax finally accepted a tender bid offer by semiconductor parts and accessory maker Hoya for the price of $864 million, according to a Reuters report yesterday. Under this "management integration," as a Hoya press release calls the deal, Pentax will become a wholly-owned subsidiary of Hoya.

Pentax’s acceptance of Hoya’s bid concludes months of corporate battles between the two companies. In December 2006, Pentax and Hoya first announced the merger, entering into a Basic Agreement. The deal was later scraped in April. While merger talks were reopened for negotiation, the deal was spoiled when Pentax rejected the initial tender bid. 

Pentax will remain legally independent and maintain its corporate name, according to the release.

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