- Growing its surveillance products business amid weak sales of its digital cameras, Japan's Canon (NYSE:CAJ) said it plans to buy security camera maker Axis Communications (OTC:AXSAF) for about 23.6B Swedish crowns ($2.8B).
- The Swedish company said that its board of directors has accepted Canon’s bid, which represents a 49.8% premium to the company’s closing share price on Monday.
- Axis shares are up 48.1% in Sweden.