Dissident Océ shareholder Hermes has thrown in the towel and agreed to sell its stake in the copier maker to Canon, the Financieele Dagblad reports.

Hermes said earlier it did not support Canon’s bid to take over the Venlo company because it undervalued the operation.
In a statement, the asset manager said it had decided to accept the offer because it was in the best interests of its clients, ‘due to the uncertain position of minority shareholders in Océ’s new corporate structure’.
Canon is paying €8.60 a share for Océ, valuing it at €770m including debts of €1.5bn. Canon now owns over 80% of the shares outstanding.