Pentax Corp. said 27 April 2007 that it strongly opposes a proposal made by its main shareholder Sparx Group Corp. that it reappoint as board directors two officials who favor a merger with optical gl…
Pentax Corp. said 27 April 2007 that it strongly opposes a proposal made by its main shareholder Sparx Group Corp. that it reappoint as board directors two officials who favor a merger with optical glass manufacturer Hoya Corp., Kyodo News reported. Sparx supports the proposed merger between Pentax and Hoya and its proposal to reinstate the two pro-merger executives is effectively a call for Pentax President Takashi Watanuki and other directors to resign. The two officials backed by Sparx, former president Fumio Urano and senior managing director Katsuo Mori, were earlier forced to resign their posts after disagreeing with other top managers about the proposed merger. Pentax responded saying it is against the reinstatement of the two because the tactics they used to push for the merger were heavy-handed and unfair. Mr. Urano and Mr. Mori remain Pentax board members after resigning from their respective posts. A forthcoming shareholders meeting is scheduled to take up the selection of board members as the terms of all eight members will expire.