By Peter Lavelle
Wednesday 24 February 10:00 GMT
Wednesday 24 February 10:00 GMT
Océ shareholders Hermes Asset Management have filed a request with the Amsterdam Enterprise Chamber to investigate Japanese electronics brand Canon’s takeover bid for the Dutch printer manufacturer.
Hermes – alongside shareholders Universities Superannuation Scheme and Orbis Portfolio Management – believe Canon’s €730 million bid for 85% of Océ undervalues the company. Their collective stake in Océ is near 15%.
Hermes have requested that the Amsterdam Enterprise Chamber at the Court of Appeals investigate the negotiations between Canon and Océ that initiated the takeover bid. Further, Hermes request the reversal of certain resolutions passed during an Extraordinary Shareholders Meeting held on 12 February. These include the elimination of voting rights on preference shares, which Hermes says protect minority shareholder rights.
Speaking in a press statement, Océ said they “regret this step and will oppose the request.”
The Dutch Enterprise Chamber is scheduled to hear Hermes’ case on 3 March. The offer tendered by Canon is due to expire on 1 March. However, Hermes have welcomed the extension of the tender deadline, so that Océ shareholders may take the court’s findings into account.
Sources
Adam Dewitz, ‘Oce Holders Take Legal Action To Challenge Canon Bid,’ TheDigitalNirvana.com, 22 February 2010.
Anonymous, ‘Canon/Oce: Hermes and USS File Request At Dutch Enterprise Chamber,’ WhatTheyThink.com, 23 February 2010.
Anonymous, ‘Oce Shareholders Adopt Proposed Resolutions,’ WhatTheyThink.com, 15 February 2010.
Harro Ten Wolde, ‘Oce Shareholders Ask Court To Look Into Canon Offer,’ Reuters.com, 22 February 2010.
Maud Van Gaal, ‘Oce Shareholders Ask Court To Protect Interests After Canon Bid,’ BusinessWeek.com, 22 February 2010.
Robert Daniel, ‘Orbis Won’t Tender 10% Of Oce To Canon Offer,’ MarketWatch.com, 23 February 2010.
Hermes – alongside shareholders Universities Superannuation Scheme and Orbis Portfolio Management – believe Canon’s €730 million bid for 85% of Océ undervalues the company. Their collective stake in Océ is near 15%.
Hermes have requested that the Amsterdam Enterprise Chamber at the Court of Appeals investigate the negotiations between Canon and Océ that initiated the takeover bid. Further, Hermes request the reversal of certain resolutions passed during an Extraordinary Shareholders Meeting held on 12 February. These include the elimination of voting rights on preference shares, which Hermes says protect minority shareholder rights.
Speaking in a press statement, Océ said they “regret this step and will oppose the request.”
The Dutch Enterprise Chamber is scheduled to hear Hermes’ case on 3 March. The offer tendered by Canon is due to expire on 1 March. However, Hermes have welcomed the extension of the tender deadline, so that Océ shareholders may take the court’s findings into account.
Sources
Adam Dewitz, ‘Oce Holders Take Legal Action To Challenge Canon Bid,’ TheDigitalNirvana.com, 22 February 2010.
Anonymous, ‘Canon/Oce: Hermes and USS File Request At Dutch Enterprise Chamber,’ WhatTheyThink.com, 23 February 2010.
Anonymous, ‘Oce Shareholders Adopt Proposed Resolutions,’ WhatTheyThink.com, 15 February 2010.
Harro Ten Wolde, ‘Oce Shareholders Ask Court To Look Into Canon Offer,’ Reuters.com, 22 February 2010.
Maud Van Gaal, ‘Oce Shareholders Ask Court To Protect Interests After Canon Bid,’ BusinessWeek.com, 22 February 2010.
Robert Daniel, ‘Orbis Won’t Tender 10% Of Oce To Canon Offer,’ MarketWatch.com, 23 February 2010.
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