TOKYO, October 22, 2018—Canon Inc. ("Canon"; Headquarters: Tokyo, Japan; Chairman and CEO: Fujio Mitarai) announced today that the company intends to make consolidated subsidiary Axis AB ("Axis"; Headquarters: Lund, Sweden; President and CEO: Ray Mauritsson) a wholly owned subsidiary.
Canon has today entered into a share purchase agreement with Elliott International, L.P. and The Liverpool Limited Partnership (together "Elliott") under which Canon has agreed to purchase 7,825,516 shares in Axis from Elliott (the "Transaction").
As a result of the Transaction, Canon will hold more than 90 percent (97.9 percent; 68,000,798 shares) of the total number of shares and votes in Axis and intends to request that the Axis Board resolves to apply 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.
Going forward, Canon and Axis will continue to provide innovative network video solutions.