Sony proposes acquiring camera lens maker Tamron

Tokyo: Japanese camera lens ​maker Tamron said ​on Thursday it has received an acquisition ​proposal from Sony Group and that it has established a committee to review its options.

The optical components manufacturer ‌said in ⁠a ⁠statement that Sony made a non-binding proposal for a ​series of transactions to turn it into a wholly ​owned subsidiary.

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Tamron's shares were untraded with a glut of buy orders in early Tokyo trade. The ​company had a market capitalisation ⁠of $1.18 billion ‌as at Wednesday's close. Sony's ​shares were ​down 1.7%.

A Sony spokesperson said ⁠the entertainment and technology conglomerate believes the proposal ​will enhance Tamron's corporate value and ​the interests of its stakeholders, and contribute to the development of Sony's imaging business.

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Sony is a manufacturer of cameras and image sensors, while Tamron is a supplier of lenses ‌for its cameras as well as for cameras made by Nikon and Canon.

Sony ​owns ​14.7% of Tamron, ⁠LSEG data showed. Singapore-based Effissimo Capital is the largest shareholder with 17.4%.

Shares in Sony have been under ​pressure in recent months as investors worry about high memory chip prices and the impact of artificial intelligence on its entertainment business.