Capturebuzz

Pentax President Takashi Watanuki has told Hiroshi Suzuki, chief executive officer of the maker of optical lenses and glasses, that Pentax would accept Hoya’s takeover bid as long as some conditions are met. One key condition is that some current Pentax board members will remain at their posts. The camera maker also asked that Hoya ensure the independence of Pentax’s management after the merger. Pentax also asked for the continuation of its three core operations — optical components, medical equipment and digital cameras.

The Tokyo-based maker of digital cameras and optical equipment had been resisting offers by Hoya. Hoya Corp. is an optical instruments maker best known for their lens filters. Hoya with strong profits and a healthy balance sheet, continued to pursue Pentax even after Pentax unilaterally rejected a merger proposal made last December.

If the two sides reach an agreement, Hoya will launch a public tender offer in June to acquire more than two-thirds of Pentax shares. Hoya said it will pay 770 yen per Pentax share in the public tender offer. Keep in mind that the deal is not settled. The tender offer could lead to new players bidding for Pentax with a higher price to win over investors.

Pentax was once a major player in the camera industry. But, now holds less than 5 percent of the global digital camera market.