Hoya Corp., a leading maker of optical lenses and glass, is planning to launch a tender offer for camera maker Pentax Corp. as early as July 3, the two companies said Friday.
Hoya's tender offer, aimed at turning Pentax into a subsidiary, could start three business days after the camera maker submits its annual financial statement to financial authorities, the two said in a statement.
A Pentax official said the company is planning to do so on June 28, a day after its general shareholders' meeting.
As earlier announced, Hoya will offer to buy each Pentax share for 770 yen, without setting an upper limit on the shares to be purchased.
A Hoya official said the tender offer is likely to run for about one month after the launch.