Tamron (7740.T): Diamond Online reports that Sony is proposing to acquire Tamron

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Tamron (7740.T): Diamond Online reports that Sony is proposing to acquire Tamron

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29 Jul 2026 21:36:49 ET │ 9 pages

Tamron (7740.T)

Diamond Online reports that Sony is proposing to acquire Tamron

CITI'S TAKE

Neutral At 17:00 on July 29, Japanese business magazine Diamond Online

reported as an exclusive that Sony is proposing a ¥200bn acquisition of Price (29 Jul 26 15:30) ¥1,134.0

Tamron, and at 08:30 on July 30 Tamron issued a timely disclosure Target price ¥1,100.0

acknowledging that it had received a proposal. We think this should be Expected share price return -3.0%

positive for the stock price in the near term. Sony has held c15% of Tamron Expected dividend yield 3.3%

shares for many years, and Tamron's main revenue drivers are production Expected total return 0.3%

of Sony brand interchangeable lenses and Tamron brand interchangeable

Market Cap ¥182,852M lenses that are compatible with Sony cameras. Tamron's H1 results

US$1,116M announcement is scheduled for after market close on August 7.

Acquisition proposal goals — According to the article, in January 2026 Sony

conveyed its intention to acquire all Tamron shares at around ¥1,300 per share (July Masahiro ShibanoAC

29 closing price: ¥1,134), and Tamron has already established a special committee, +81-3-6776-4641

although full-scale due diligence has not yet begun. Diamond Online explained that masahiro.shibano@citi.com

Sony's rationale for the Tamron acquisition proposal is the high compatibility

between Tamron's interchangeable lenses and surveillance camera lens modules

with Sony's business and Sony’s ability to strengthen the camera operations by

incorporating Tamron to enhance product capabilities and cost competitiveness.

Our view — Tamron announced the framework of its three-year plan starting in