Canon won't raise Axis offer yet, won't back out either: sources

Japan's Canon Inc is unlikely to raise its offer for Swedish surveillance camera maker Axis AB for now but won't back out of the deal either, despite pressure from hedge fund Elliott Management, sources said on Monday. Elliott Management said late last month that it had raised its stake in Axis to 10.91 percent. While it did not state its intention, the move put pressure on Canon to sweeten its 23.6 billion crown ($2.8 billion) takeover offer. The terms of the deal allow Canon to back out if it cannot acquire more than 90 percent of Axis shares.

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