Canon bid 'undervalues' Océ
Wednesday 18 November 2009
Canon's €730m agreed bid for printer maker Océ undervalued the Dutch company's shares, a major shareholder said on Wednesday.
Asset manager Orbis Fund, which owns 10% of Océ said Canon's €8.60 a share offer 'significantly undervalues' Oce’s assets and it does not want to sell its stake at that price.
Canon announced plans to take over the Venlo-based company earlier this week to expand its printer operations.
'Opposition by such a major shareholder could result in delays and negative consequences for the deal,' Osamu Hirose, an analyst at Tokai Tokyo Securities told news agency Bloomberg.
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