TOKYO: Canon Inc said on Wednesday it was extending the offer period for its proposed $2.8 billion takeover of Axis AB until April 21, after it acquired 76 percent of the shares in the Swedish video-surveillance firm.
The Japanese camera maker is aiming to take full control of Axis, but hedge fund Elliott Management has complicated the bid after it raised its stake in Axis to 10.01 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 will not increase the offer price during the extended period, it said in a statement.
The offer was 23.6 billion crowns, or 340 Swedish crowns a share. The initial acceptance period for the offer was from March 3 to April 1.
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