Canon is to make a formal public offer for Dutch printer and copier maker Océ on Friday, the two companies said in joint statement on Thursday.

Océ´s management and supervisory boards both support the bid, a cash deal totaling €730m.
The offer, which is opposed by two influential shareholders, represents a premium of 70% over Océ’s the closing price on 13 November 2009, the last day before details of the offer were made public.
Canon will declare the offer binding if 85% of shares are tendered. The two shareholders, Orbis and Hermes, own around 13% of the company and say the offer is too low.
Canon managing director Masahiro Osawa said at the company’s earnings presentation on Wednesday that the company has no intention at the moment of changing its offer price. ‘I believe we are offering an appropriate price,’ he was quoted as saying by Reuters.