Canon to buy Axis for $2.8 Billion

Lund, Sweden

Canon Inc. has today announced a public offer to the shareholders of Axis to transfer all of their shares in Axis to Canon for a consideration of SEK 340  in cash per share in the company.  The total value of the offer is approximately SEK 23.6 billion (USD 2.8 billion). 

The board of directors of Axis has, based on a financial short and mid-term perspective, concluded to unanimously recommend that the shareholders of Axis accept the public offer made by Canon.

The total value of the offer represents a premium of approximately 49.8 per cent compared to the closing price of SEK 226.9 for the Axis share on Nasdaq Stockholm on 9 February 2015, which was the last trading day prior to the announcement of the offer;

The acceptance period of the offer is expected to commence on 3 March 2015 and is expected to expire on 1 April 2015.

The offer is conditional upon, inter alia, being accepted to such an extent that Canon becomes the owner of more than 90 per cent of the shares in Axis. Canon has reserved the right to waive this and other completion conditions according to the offer. The offer is not conditional upon financing.

Each of Axis’ three largest shareholders, which together hold approximately 39.5 per cent of shares and votes, have tundertaken to accept the offer and transfer their respective shares to Canon subject to certain conditions.

The development of Axis has been very positive since the company became the first company in the world to introduce a network camera. The introduction marked the beginning of the shift in the overall video surveillance market from analog to digital technology, making Axis market leading. Axis has over the years developed its position within the fields of network cameras and surveillance cameras and hence built one of the strongest trademarks in the overall video surveillance market. The success of the company is today built on three main factors: a global scope, a strong and wide partner network and innovative technical solutions. Since the launch of the first network camera, the number of employees has increased to today’s approximately 1,900 employees, spread among 49 countries. The growth has been almost exclusively organic. Axis’ products reach the global market by way of 70 distributors and a fine-meshed network of close to 75,000 partners in 179 countries.

Canon has stated their intention to preserve the excellent employee relations and unique culture that exist at Axis. Following completion of the offer, Axis’ current management team will remain in place and Axis’ headquarters, development centres and sales offices will stay where they are today. The strong Axis brand name will be maintained and applied in all relevant markets. Furthermore, Axis will continue to remain as a separate legal entity within the Canon Group. Axis will operationally and financially report to Canon’s CEO.

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