Canon has over 70% of Oce shares

Tuesday 02 March 2010

Japanese electronics group Canon has acquired 71% of the shares in Dutch photocopier maker Océ , making the formal takeover almost a reality.

Investors had until 17.30 on Monday to tender their shares. The Japanese firm will announce by March 4 if it will declare the takeover binding. It had earlier set a target of 85%

Canon's bid of €8.60 a share is a 70% premium on Océ's closing price the day before the takeover bid was announced and values the company at €770m, including debt of €1.5bn.

Company court

On Wednesday, the Amsterdam company court is due to hear objections to the takeover from three investment groups who have refused to tender their shares.

They say the bid undervalues Océ. In addition, they are opposed to the planned issue of preference shares which they say will water down their stakes and the appointment of four Canon representatives to the six-strong supervisory board.

© DutchNews.nl

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