Canon owns 84 percent of Axis, won’t raise Offer

Canon Inc (7751.T) said on Friday it owned 84 percent of the shares in Swedish video-surveillance firm Axis AB (AXIS.ST), and said it was extending the period for other shareholders to accept but would not raise its offer price of 340 Swedish crowns per share.

The Japanese camera maker is aiming to take full control of Axis in its 23.6 billion Swedish crowns ($2.73 billion) takeover, but hedge fund Elliott Management has complicated the bid after it raised its stake in Axis to 10 percent.

The fund’s stake effectively rules out a standard squeeze-out procedure in which Canon, once it owns more than 90 percent of Axis shares, can forcibly acquire the rest.

Canon said it would extend the offer period to May 5.

Source: Reuters