Pentax Corp. officially reversed its position Wednesday and told Hoya Corp. it is ready to accept a tender offer that would merge it with the glass company, a senior Pentax official said.
Pentax President Takashi Watanuki told Hoya CEO Hiroshi Suzuki his company wants to start talking with Hoya about the details of the deal, the official said.
According to sources, Pentax outlined several conditions for accepting the tender offer, including that the camera maker's management be allowed to maintain its independence for two years or more after becoming a Hoya subsidiary.
Hoya will consider Pentax's conditions and is expected to decide whether to accept them by the end of next week, the sources said.
Watanuki and Suzuki held "constructive talks," a Pentax spokesman said.