That's what it sounds like to me. It seems that Pentax has itself between a rock and a hard place.
Several weeks ago, there was concern that underperforming Pentax units (as judged by Hoya standards) might be cut by Hoya (read camera divisions). That was allegedly one of the fears that prompted the halt to the merger. Pentax is not free to speak with 3rd parties, at present, under the terms of the merger agreement with Hoya. They are not free to court other possible suitors, if there are any. If a merger deal with Hoya is being pushed by majority stockholders, then it seems like we are coming full circle to where we were several weeks ago. Hoya admits wanting to acquire Pentax mainly for it's optical know-how and its medical division. Lots of unknowns. Tom C. >From: "Fernando Terrazzino" <[EMAIL PROTECTED]> >Reply-To: Pentax-Discuss Mail List <[email protected]> >To: "Pentax-Discuss Mail List" <[email protected]> >Subject: Re: Pentax Update - Shakeup in the Works (again) >Date: Tue, 24 Apr 2007 16:00:49 -0400 > >If a merger can't be avoided maybe is good that Urano is back, I >suppose he had a plan before start pushing the deal, right? > >On 4/24/07, Tom C <[EMAIL PROTECTED]> wrote: > > Excerpts... > > > > TOKYO (Nikkei)--Pentax Corp.'s top shareholder, Sparx Group Co., plans > > to back the appointment of directors to the camera manufacturer's > > board who would support Hoya Corp.'s tender offer plans > > > > This could bode ill for Pentax President Takashi Watanuki and others who > > voted down a proposed merger with Hoya and are said to be against a >business > > integration with the firm. Sparx aims to use its 23.98% stake in Pentax >to > > nudge the company toward accepting a business integration with Hoya. > > > > With all eight Pentax directors facing re-election at an upcoming >general > > shareholders meeting scheduled for June 22, Sparx plans to propose the > > reappointment of former President Fumio Urano and former Executive Vice > > President Katsuo Morio to the board. The pro-merger Urano and Morio >were > > relieved of their duties as executives earlier this month. > > > > ... > > > > Sparx apparently believes that its proposed appointments will go through > > if it can win the support of overseas shareholders who are highly >conscious > > of > > measures aimed at improving Pentax's enterprise value. > > > > Sparx had supported Urano's efforts to pursue a merger with Hoya amid >the > > belief that Pentax would not be able to survive on its own. > > > > ... > > > > Citing an internal rift at Pentax, Sparx will call for an overhaul of >the > > camera manufacturer's leadership to prevent an erosion in the company's > > share > > price and other enterprise values. > > > > > > Tom C. > > > > > > > > -- > > PDML Pentax-Discuss Mail List > > [email protected] > > http://pdml.net/mailman/listinfo/pdml_pdml.net > > > >-- >PDML Pentax-Discuss Mail List >[email protected] >http://pdml.net/mailman/listinfo/pdml_pdml.net -- PDML Pentax-Discuss Mail List [email protected] http://pdml.net/mailman/listinfo/pdml_pdml.net
