Hoya: launch of tender offer for Pentax in July

Hoya Corp. said 15 June 2007 that it plans to launch a tender offer for Pentax Corp. on 3 July 2007 with the aim of obtaining at least 50% of all outstanding shares in the camera and medical equipment…

Hoya Corp. said 15 June 2007 that it plans to launch a tender offer for Pentax Corp. on 3 July 2007 with the aim of obtaining at least 50% of all outstanding shares in the camera and medical equipment maker. The Japanese optical glass producer originally intended to start the bid in early June 2007 but the launch was put back because of talks with regulatory authorities on the terms of the tender offer. Hoya is set to offer to buy Pentax shares at JPY 770 per share if, as scheduled, Pentax sets the dividend payout for fiscal 2006 at JPY 7 per share at a shareholders“ meeting on 27 June 2007. But if Pentax decides to pay a higher dividend, a new tender offer price will be calculated by subtracting the additional payout per-share from JPY 770. Hoya originally planned to also reflect Pentax“s dividend plan in the minimum percentage of shares subject to its purchase, but regulators persuaded the company to drop this idea.