Originally posted by FozzFoster Want to elaborate? I enjoy learning the history of the brand and this description isn't what I understood for the transition.
My understanding is that Pentax was resistant to the merger/sale and Hoya had continuously offered more and more and eventually offered an over-valued price for the company ($1 billion dollars; ~10% overvaluation).
Pentax shareholders saw dollar signs and that pressure brought forth an agreement to sell. However, I believe the Pentax President at the time resigned because of the matter.
But I've only heard talk that the sale was a bad one for Hoya because of the overvaluation, that the deal was a mistake, worst deal for the family business, etc. because of the huge price tag they paid.
My understanding is somewhat different - but I've only saw part of the publicly available information, the truth might be different still.
So, Hoya's and Pentax' CEOs met and arranged the merger of the two companies - into Hoya Pentax HD Corporation. A main instigator was Sparx Asset Management, one of Pentax Corporation's major shareholder, who afterwards really pushed for the takeover and against Pentax maintaining independence.
It appears the deal was done without Pentax board's consent; as the Pentax CEO (Mr. Fumio Urano) was ousted, and they rejected the merger.
Following that, Hoya made a tender offer to acquire Pentax Corporation; apparently a lot of shareholder activism and pressure was made "under the counter", and after Pentax Corporation's attempts to resist failed, they "accepted" the offer.
Since they didn't really had a choice, I call that a hostile takeover.
I'm not aware of any over-valuing; resisting the merger, AFAIK, wasn't to get more money. I believe the medical division was highly valuable to Hoya (and the reason they wanted to get it no matter what); despite the comments made by the Hoya founder's grandson.
I'm not sure what was the initial plan for the camera division; but Hoya wanted high margins, and rumors of looking for a buyer were circulating as early as 2009 (JVC being the supposedly interested party).
Perhaps Hoya's lack of interest in this core Pentax business was one of the reasons the Pentax board resisted the merger. Without inside info, who knows...
Oh, and Pentax Corporation was profitable at that time; I'm mentioning this because occasionally I hear that Hoya "saved" Pentax