TOKYO, Nov 18 (Reuters) - Orbis Portfolio Management said on Wednesday it would not tender its shares in Dutch copier and printer maker Oce to Canon Inc, saying the 730 million euro ($1.1 billion) bid was 'significantly' underpricing the company.
The Japanese camera and office equipment maker offered to pay 8.6 euros for each Oce share, a 70-percent premium to the previous trading day's close, in a move to strengthen its product line-up and sales channels.
'As a result of a flawed negotiation process....Oce's assets are being significantly undervalued at the proposed buyout price,' Orbis Portfolio Management (Europe), a manager and adviser to Orbis Funds, said in a statement distributed by its public relations agent FD.
'Orbis Funds would not wish to tender their approximate 10 percent holding at the current offer price.'
(Reporting by Kiyoshi Takenaka; Editing by Joseph Radford)
((kiyoshi.takenaka@thomsonreuters.com; +81 3 6441 1810; Reuters Messaging: kiyoshi.takenaka.reuters.com@reuters.net)) ($1=.6720 Euro) Keywords: OCE/ORBIS (If you have a query or comment on this story, send an email to news.feedback.asia@thomsonreuters.com) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
The Japanese camera and office equipment maker offered to pay 8.6 euros for each Oce share, a 70-percent premium to the previous trading day's close, in a move to strengthen its product line-up and sales channels.
'As a result of a flawed negotiation process....Oce's assets are being significantly undervalued at the proposed buyout price,' Orbis Portfolio Management (Europe), a manager and adviser to Orbis Funds, said in a statement distributed by its public relations agent FD.
'Orbis Funds would not wish to tender their approximate 10 percent holding at the current offer price.'
(Reporting by Kiyoshi Takenaka; Editing by Joseph Radford)
((kiyoshi.takenaka@thomsonreuters.com; +81 3 6441 1810; Reuters Messaging: kiyoshi.takenaka.reuters.com@reuters.net)) ($1=.6720 Euro) Keywords: OCE/ORBIS (If you have a query or comment on this story, send an email to news.feedback.asia@thomsonreuters.com) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
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