Pentax has scrapped its planned merger with Hoya in a move which has forced the resignation of Pentaxu2019s chief executive Fumio Urano, according to press reports this morning.rn

Pentax has scrapped its planned merger with Hoya in a move which has forced the resignation of Pentax?s chief executive Fumio Urano, according to press reports this morning.

It is understood that the merger – which had been expected to take place on 1 October this year – was called off after Pentax shareholders felt the proposed share swap ratio undervalued the company.

It is not yet clear whether the merger will go ahead on different terms. It is understood that a takeover bid is still an option.

‘There is no further comment or statement on the negotiations,’ said a spokeswoman for Pentax UK earlier today. ‘Pentax UK are still talking to Japan…We are just awaiting direction from Japan,’ she told us.

Both companies announced their proposed merger last December.

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Pentax Merger deal