Leading optical glass maker Hoya Corp. said Monday its board of directors will continue negotiating its takeover bid with Pentax Corp. through the end of May to give the camera maker, which scrapped an earlier stock-swap merger plan, more time to respond.
Meeting in the morning, Hoya directors, most of whom are outside members, voted for the extended talks, the firm said in a statement.
Hoya said it will try to persuade Pentax to accept the takeover plan offering 770 yen per share and launch the bid after June. But the tender offer will be made only if the Pentax board agrees to it, the company said, underscoring that the takeover will not be hostile.
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