Hoya Corp succeeded in its offer to acquire Pentax Corp., Tokyo, bringing to an end its months-long bid for control of the camera maker, reports The Wall Street Journal. Hoya said results of its tender offer, which closed Monday, showed shareholders tendered a total of 122.7 million shares. Hoya will buy all of the shares offered for ¥94.48 billion (US$793.3 million), bringing its stake in Pentax to 90.58 percent in terms of voting rights. Hoya was aiming to buy a minimum 50 percent stake in Pentax.

Hoya, which is especially interested in Pentax’s expertise in medical equipment, will pay ¥770 for each Pentax share. In a further bid to accelerate growth strategies through the use of each other’s resources, Hoya said it aims to buy the remaining Pentax shares and make Pentax a wholly owned subsidiary, reports The Wall Street Journal.
Pentax in December agreed to merge with Hoya but in April scrapped the plan and replaced its president, Fumio Urano, a major proponent of the deal. Hoya transformed the merger deal into a tender offer in April, but Pentax was seeking to stay independent. Pentax eventually bowed to pressure from shareholders who strongly favored a tie-up with Hoya, says The Wall Street Journal.

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