Japanese camera and optics company Pentax, has said that it may accept high-tech glass maker Hoya Corp.’s takeover bid, according to a report on Thursday.

President Takashi Watanuki told his company’s chief executive, Hiroshi Suzuki, that the deal could happen on a conditional basis, unidentified sources said, according to Asahi Shimbun.

Among the conditions are that some Pentax board members will be allowed to retain their seats, that the company’s management remains independent and that its core operations are continued.

The latest signal is a reversal from the company’s previous stance. Pentax demoted its former President, Fumio Urano, on April 10 for his part in putting a proposed merger before shareholders last year.

Sparx Group Co., the firm’s main shareholder, has been pressuring the new President, Takashi Watanuki, to accept Hoya’s takeover bid.

Hoya will offer a tender bid to Pentax worth about 770 yen ($6.47) for more than two thirds of Pentax shares in June or later, according the report.