Japanese camera and optics company Pentax, has said that it may accept high-tech glass maker Hoya Corp.â€™s takeover bid, according to a report on Thursday.
President Takashi Watanuki told his companyâ€™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 companyâ€™s management remains independent and that its core operations are continued.
The latest signal is a reversal from the companyâ€™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 firmâ€™s main shareholder, has been pressuring the new President, Takashi Watanuki, to accept Hoyaâ€™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.