Elliot Management's 7.5% stake in Axis AB could be hurdle for Canon's acquisition - Newswire Round-up
U.S.-based Elliot Management holds a 7.5% stake in the Sweden-based surveillance video camera company Axis AB, the target company of Canon Inc. [TYO: 7751] planning to acquire the full control, according to a newswire report.
Canon, the Japan-based camera maker, plans to acquire all the outstanding shares of Axis, and Elliot Management's shareholding in the company could be a hurdle to complete the acquisition, Reuters reported on 28 March.
Elliot Management's shareholding was disclosed on 26 March in a filing to Swedish Financial Supervisory Authority, according to the Reuters report.
On 10 February, Canon announced it will launch a tender offer at SEK 340 USD 40) per share to acquire 100% of the shares in Axis. The three leading shareholders of Axis, including founding members, holders of an aggregate 39.5% stake, have agreed to support the tender offer.