Canon likely to waive 90% acceptance condition for Axis acquisition
Canon, the Japanese camera-maker, will likely drop its 90% acceptance condition in order to acquire the Swedish surveillance video camera company Axis, according to Dagens Industri.
Canon's offer expired today, following the accumulation of a 10.01% stake in Axis by US hedge fund Elliott Management, potentially in the hope of Canon raising its offer.
Without citing any specific source, the paper said Canon is not expected to do this. The Japanese firm intends to maintain Axis as an independent subsidiary which means that 100% ownership is unnecessary, the Swedish business daily added.
The paper speculated that Canon will not likely withdraw its offer so the most likely option is that the 90% acceptance condition is waived.
A Swedish spokesperson for Canon said the company will now evaluate its next move.
Axis founder Martin Gren commented to the paper that he knows nothing of Canon's plans but that he believed that the Japanese company will make a good owner of Axis.
Dagens Industri