Business

Hoya to absorb Pentax on March 31

Kyodo News

Hoya Corp. said Monday that Pentax Corp. will be delisted from the Tokyo Stock Exchange on Nov. 30 and will be absorbed by the high-tech glassmaker on March 31.

Hoya said the camera maker will be disbanded after the completion of the merger, but Hoya will retain the Pentax brand name.

Pentax became a subsidiary of Hoya in August. As of Sept. 30, Hoya owned 90.48 percent of its outstanding shares.

At the time of its takeover bid, Hoya was planning to turn Pentax into a fully owned unit as early as November by obtaining the rest of its shares.

But Hoya said it will now instead absorb Pentax to accelerate the integration process.