By Megumi Fujikawa
TOKYO — Canon Inc. said Tuesday it plans to fully acquire Axis AB, a Swedish network video solutions provider, in a tender offer worth ¥333.7 billion ($2.8 billion).
The decision comes as the Japanese camera maker is struggling with falling demand for digital cameras and aims to diversify its operations overseas. The company said it sees network monitoring systems as a promising new business area.
Canon /zigman2/quotes/207639533/delayed JP:7751 -1.57% said it would commence the tender offer for Axis’s shares in early March, as soon as its bid is approved by the Swedish Financial Supervisory Authority and Nasdaq Stockholm where Axis is listed.
The Swedish company said that its board of directors has accepted Canon’s bid, which represents a 49.8% premium to the company’s closing share price on Monday.