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Canon plans to buy Sweden's Axis for $2.8 billion

Staff writer |
Canon Inc has decided to make a recommended public cash offer to the shareholders in the Swedish company Axis AB to tender all their shares in Axis to Canon.

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The Axis shares are listed on Nasdaq Stockholm.

The offer is friendly in nature and the board of Axis has decided to recommend Axis's shareholders to accept it. The three largest shareholders in Axis, including the founders, who hold in aggregate approximately 39.5% of the total number of shares and voting rights in Axis, have undertaken to accept the Offer subject to certain conditions.

Offer price is 340 Swedish krona per share. Number of shares to be purchased by Canon is 69,461,250 (100% of the issued shares in Axis), and funds required for the purchase is approx. 23.6 billion Swedish krona (Approx. 333.7 billion yen when all issued shares in Axis are acquired).

Under Phase IV of its Excellent Global Corporation Plan, launched in 2011, Canon aims to maintain its highly profitable structure and join the ranks of the world's top 100 companies in terms of all key measures of business performance. As a key strategy toward the achievement of this goal, Canon aims to develop new business through globalized diversification.

In recent years, the video surveillance system market has continued to realize rapid growth. Canon views its network surveillance camera business as a promising new business area and positions the business as a driving force for future growth within the Canon Group. Canon would be pleased to welcome Axis, the global leader in the network video solutions industry, into the Canon Group.


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