By Sam Nussey
TOKYO, July 30 (Reuters) – Japanese camera lens maker Tamron said on Thursday it has received an acquisition proposal from Sony Group and that it has established a committee to review its options.
The optical components manufacturer said in a statement that Sony made a non-binding proposal for a series of transactions to turn it into a wholly owned subsidiary.
Tamron’s shares were untraded with a glut of buy orders in early Tokyo trade. The company had a market capitalisation of $1.18 billion as at Wednesday’s close. Sony’s shares were down 1.7%.
A Sony spokesperson said the entertainment and technology conglomerate believes the proposal will enhance Tamron’s corporate value and the interests of its stakeholders, and contribute to the development of Sony’s imaging business.
Sony is a manufacturer of cameras and image sensors, while Tamron is a supplier of lenses for its cameras as well as for cameras made by Nikon and Canon.
Sony owns 14.7% of Tamron, LSEG data showed. Singapore-based Effissimo Capital is the largest shareholder with 17.4%.
Shares in Sony have been under pressure in recent months as investors worry about high memory chip prices and the impact of artificial intelligence on its entertainment business.
(Reporting by Sam Nussey and Hina Suzuki; Editing by Jacqueline Wong and Christopher Cushing)
AloJapan.com