Hoya: Pentax takeover remains in the balance

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Pentax Corp. is considering an improved takeover bid from Hoya Corp. in a gamble that could risk ending the deal if the profitable high-tech glass maker withdraws. Hoya Chief Executive Hiroshi Suzuki...

Pentax Corp. is considering an improved takeover bid from Hoya Corp. in a gamble that could risk ending the deal if the profitable high-tech glass maker withdraws. Hoya Chief Executive Hiroshi Suzuki, known to global investors for his promise to implement Western-style corporate governance, is waiting to meet with Pentax``s new management, which in the week ending 15 April 2007 rejected without clear explanation a planned share-swap merger the two firms had agreed in December 2006. "You``re playing a game of chicken with Hoya at this point, because they``re trying to work out how essential Pentax is to their business", a Tokyo-based fund manager said. "If Suzuki decides this is too much of a hassle, he``ll go somewhere else". Since investors have been buying Pentax on hopes of a merger with Hoya, Pentax``s share price could fall if the firm decides to remain independent, Nomura Securities analyst Tetsuya Wadaki said. Pentax stock has risen about 20% since 20 December 2006, the day before the companies announced the merger plan. Pentax``s new president Takashi Watanuki is facing hard questions from top investors such as Sparx Asset Management and Fidelity Investments on how he aims to increase shareholder returns. "If Pentax management is to tear up the merger plan with Hoya, they have the obligation to present to investors a plan that is worth as much or more in terms of boosting corporate value as speedily as Hoya``s plan", Sparx, which owns a leading 23.98% stake in...
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Owens-Illinois, Inc., the world``s largest maker of glass packaging, announced 13 December 2010 it had entered into an...

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