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Axis Communications reports increase of Canon stake to almost 98%.

M2 EQUITYBITES-October 23, 2018-Axis Communications reports increase of Canon stake to almost 98%

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Axis Communications AB (STO:AXIS), a Swedish manufacturer of network cameras for the physical security and video surveillance industries, announced on Monday that Canon Inc (Tokyo:7751) has signed a share purchase agreement that will result in Canon holding almost 98% of the shares in Axis Communications.

Reportedly, Canon has made the share purchase agreement with Elliott International L.P and The Liverpool Limited Partnership under which Canon has agreed to purchase 7,825,516 shares in Axis Communications at SEK363.75 per share.

As a result of this transaction, Canon will hold 97.9% of the shares in Axis Communitarians and intends to request that the company's board of directors resolves to apply for delisting of Axis Communications shares from the Nasdaq Stockholm.

Also, Canon intends to initiate a compulsory acquisition procedure under the Swedish Companies Act to acquire all remaining shares in Axis Communications.

This deal is not expected to change daily operations at Axis Communications. Canon has underlined that Axis Communications will continue to be run as an independent company.

(EUR1.00=SEK10.34)

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Publication:M2 EquityBites (EQB)
Date:Oct 23, 2018
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