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Canon-Axis deal done despite hedge-fund holdout

April 29, 2015Martha Entwistle

TOKYO—In a bid that industry analysts told Security Systems News is intended to get Canon to increase its $2.8 billion offer for Axis Communications, Elliott Management, a New York hedge fund, increased its stake in Axis to 10.91 percent and has not yet sold those shares to Canon. Canon now owns 84 percent of Axis shares. On April 24, Canon extended the offer period a second time, from the original April 15 to May 5. Canon said it would neither extend the offer period again nor raise its...

Axis Communications, Canon, Elliott Management, Imperial Capital, Jeff Kessler, Richard Berger