Camera maker Pentax has finally agreed to a takeover bid from optical glassmaker Hoya after a period of on-again, off-again negotiations.
Pentax President Takashi Watanuki Thursday said he has â€œinformally acceptedâ€ Hoyaâ€™s offer of Â¥770/share from Hoya CEO Hiroshi Suzuki. The takeover offer raises Pentaxâ€™s value to Â¥98 billion, or $810 million.
The previous offer, which valued the camera maker at Â¥91 billion, was rejected by the Pentax board and cost former CEO Fumio Urano his job.
The Pentax board of directors is set to formally approve the new Hoya offer in a board meeting next week.
[Via: Financial Times]