Pentax has indicated a willingness to accept a takeover bid by Hoya Corporation, in an apparent reversal of its previous stance of calling off the merger with Hoya.
A Pentax spokesman said the company is â€œin that directionâ€ when asked if they are leaning toward accepting a new Hoya offer.
The Tokyo-based digital cameras and optical equipment manufacturer had earlier scrapped an agreed merger with Hoya, causing its former CEO Fumio Urano to resign.
But lately, its biggest shareholder Sparx Group has been urging the company to come up with an alternative strategy that would add at least as much value for its shareholders as the now-defunct merger with Hoya.
Pentax has been restructuring its assets lately to consolidate its resources. It is also selling its prime real estate assets in Tokyo to raise money. Pentax stock price rose 2.9 percent yesterday at the Tokyo Stock Exchange, up Â¥22 at Â¥791.
Pentax president Takashi Watanuki and Hoya CEO Hiroshi Suzuki are meeting today to thresh over matters affecting the two companies.