By Peter Lavelle
Océ CEO Rokus van Iperen has called Canon’s takeover bid of the Dutch printer brand ‘fair and reasonable,’ in comments preceding a shareholder’s vote later today.
Canon’s $1.19 billion bid for 85% of Océ shares received opposition from shareholders Hermes Asset Management and Orbis Portfolio Management last month. The companies – who control 13.3% of Océ shares – believe Canon’s proposed bid undervalues Océ.
According to van Iperan, the takeover has support from both Canon and Océ boards.
In light of the proposed takeover meanwhile, Océ has ceased their strategic alliance with Konica Minolta in developing cutsheet monochrome and colour output devices.
A renewed OEM sales agreement means Konica will continue to supply Océ with office printing systems, while the firms will exchange cutsheet monochrome printing systems.
Sources
Anonymous, ‘Océ and Konica Minolta reviewed their strategic alliance,’ Packagingessentials.com, 11 February 2010.
Anonymous, ‘Canon's (CAJ) Takeover Bid 'Fair and Reasonable,' Oce's CEO Rokus van Iperen Says,’ Streetinsider.com, 12 February 2010.
Océ CEO Rokus van Iperen has called Canon’s takeover bid of the Dutch printer brand ‘fair and reasonable,’ in comments preceding a shareholder’s vote later today.
Canon’s $1.19 billion bid for 85% of Océ shares received opposition from shareholders Hermes Asset Management and Orbis Portfolio Management last month. The companies – who control 13.3% of Océ shares – believe Canon’s proposed bid undervalues Océ.
According to van Iperan, the takeover has support from both Canon and Océ boards.
In light of the proposed takeover meanwhile, Océ has ceased their strategic alliance with Konica Minolta in developing cutsheet monochrome and colour output devices.
A renewed OEM sales agreement means Konica will continue to supply Océ with office printing systems, while the firms will exchange cutsheet monochrome printing systems.
Sources
Anonymous, ‘Océ and Konica Minolta reviewed their strategic alliance,’ Packagingessentials.com, 11 February 2010.
Anonymous, ‘Canon's (CAJ) Takeover Bid 'Fair and Reasonable,' Oce's CEO Rokus van Iperen Says,’ Streetinsider.com, 12 February 2010.
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