Pentax Calls Off Merger with Hoya
Read on for the details of the canceled merger between digital camera manufacturer Pentax and semiconductor parts maker Hoya.
Recommendations are independently chosen by Reviewed’s editors. Purchases you make through our links may earn us a commission.
Last week, Pentax shareholders opposed the proposed swap ratio and sought higher values for the deal. Six of eight Pentax board members also opposed the merger anticipating Hoya's governing control of the future joint company.
The opposition to Pentax president Fumio Urano's proposal resulted in his resignation, effective today. Urano will be replaced by Takashi Watanuki, a board member who vetoed the Pentax-Hoya deal.
The Pentax and Hoya merger, announced in December of last year, was worth an estimated $700 million USD (91 billion yen).
Hoya and Pentax board members will meet today for a potential renegotiation.