AMSTERDAM, Dec 14 (Reuters) - Japan's Canon said it was making progress with a planned takeover of Dutch photocopier and printing systems maker Oce, which gave no comment about a shareholder who is opposing the 730 million euro ($1 billion) bid.
Canon, the copier and digital camera maker, and Oce said last month Canon would offer 8.60 euros per share for Oce, representing a premium of 70 percent.
In a joint statement with Oce, Canon said on Monday it expected to ask approval from Dutch stock markets authority AFM for its takeover of Oce before Feb. 8, 2010.
Orbis Portfolio Management, which holds about 10 percent of Oce shares, said last month it was opposed to Canon's bid, rejecting it as too low, but an Oce spokesman declined to comment on whether there had been any discussions with Orbis.
He also declined to comment on whether talks had been held with other potential bidders for Oce.
The spokesman referred to a statement issued last month, when Oce said it had been in frequent contact with all relevant industry players and had discussed various transaction forms.
The Orbis opposition fuelled hopes of a bidding war, pushing Oce's share price above Canon's offer price of 8.60 euros. They closed at 8.55 euros on Friday.
Canon and Oce, rivals to Ricoh, Xerox, Konica Minolta and Hewlett-Packard, have informed competition authorities in the European Union, the United States, Switzerland and Taiwan about the takeover, the companies said.
(Reporting by Gilbert Kreijger; Editing by David Holmes)
($1=.6818 Euro) Keywords: OCE/ (gilbert.kreijger@thomsonreuters.com; +31 20 5045007; Reuters Messaging: gilbert.kreijger.reuters.com@reuters.net) 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.
Canon, the copier and digital camera maker, and Oce said last month Canon would offer 8.60 euros per share for Oce, representing a premium of 70 percent.
In a joint statement with Oce, Canon said on Monday it expected to ask approval from Dutch stock markets authority AFM for its takeover of Oce before Feb. 8, 2010.
Orbis Portfolio Management, which holds about 10 percent of Oce shares, said last month it was opposed to Canon's bid, rejecting it as too low, but an Oce spokesman declined to comment on whether there had been any discussions with Orbis.
He also declined to comment on whether talks had been held with other potential bidders for Oce.
The spokesman referred to a statement issued last month, when Oce said it had been in frequent contact with all relevant industry players and had discussed various transaction forms.
The Orbis opposition fuelled hopes of a bidding war, pushing Oce's share price above Canon's offer price of 8.60 euros. They closed at 8.55 euros on Friday.
Canon and Oce, rivals to Ricoh, Xerox, Konica Minolta and Hewlett-Packard, have informed competition authorities in the European Union, the United States, Switzerland and Taiwan about the takeover, the companies said.
(Reporting by Gilbert Kreijger; Editing by David Holmes)
($1=.6818 Euro) Keywords: OCE/ (gilbert.kreijger@thomsonreuters.com; +31 20 5045007; Reuters Messaging: gilbert.kreijger.reuters.com@reuters.net) 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.
© 2009 AFX News
