Japan´s Hoya delays start of takeover offer for Pentax

Japanese optical glass maker Hoya Corp. said it will delay the launch of its friendly takeover bid for Pentax Corp. until at least mid-June as it consults with regulators over the deal.

It had previously said it aimed to begin the tender offer in early June after finally sealing a deal following months of shareholder resistance and a boardroom rift at the camera maker. Hoya said in a brief statement it had decided to push back the launch as it is "consulting the relevant regulatory agencies again in order to finalise the terms of the tender offer." The two companies said last month they had reached an agreement to merge though a tender offer by Hoya of 770 yen per Pentax share to turn the camera maker into a wholly owned subsidiary.

The planned offer values Pentax´s total shares at about 104 billion yen (855 million dollars). The two firms, which both also produce medical imaging devices, first agreed in December to merge through a share swap in the latest reshuffle of the nation´s camera industry. They scrapped the plan when Pentax shareholders complained they were getting a bad deal. A majority of Pentax´s board members also reportedly opposed the initial plan, leading to the resignation of its president Fumio Urano.