© mikael damkier dreamstime.com Electronics Production | October 22, 2018
Canon to increase its ownership in Axis
Axis majority owner Canon has announced a share purchase agreement that will result in Canon holding almost 98% of the shares in Axis AB. Canon intends to apply for delisting of Axis from the Nasdaq Stockholm.
"Considering that Canon at the time of their public offering in 2015 expressed an ambition of acquiring all shares in Axis, this was expected to happen at some point. We do not expect this to change daily operations at Axis. Canon has underlined that Axis will continue to be run as an independent company. At the same time, we believe it’s very positive to be part of the Canon Group," says Ray Mauritsson, CEO of Axis, in a press release. Canon made the share purchase agreement with Elliott International, L.P. and The Liverpool Limited Partnership. The Japanese company has agreed to purchase 7,825,516 shares in Axis at SEK 363.75 (EUR 35,14) per share. As a result of the transaction, Canon will hold 97,9% of the shares in Axis and intends to reques for delisting of Axis shares from the Nasdaq Stockholm. Canon also intends to initiate a compulsory acquisition procedure under the Swedish Companies Act to acquire all remaining shares in Axis. Once the dust has settled, Axis will remain an independent entity within the Canon Group.