Canon and Océ today announced that they have reached conditional agreement to combine their printing activities through a fully self-funded, public cash offer by Canon for all the Shares of Océ.
Canon and Océ aim to create the overall No. 1 presence in the printing industry;
Combination to capitalize on excellent complementary fit in product range, channel mix, R&D, and business lines resulting in an outstanding client offer;
Strong strategic rationale for Canon and Océ – growing and building on proven track record in innovation and client servicing;
Canon intends to make an offer of € 8.60 per Share (cum dividend) for 100% of the outstanding Shares of Océ, representing a premium of 70% over Océ’s closing share price of Friday 13 November 2009 and 137% to the average share price over the last 12 months;
The Management and Supervisory Boards of Océ fully and unanimously support and will recommend the intended Offer;
Holders of the depository receipts for Océ’s cumulative preference shares, Ducatus, ASR and ING (approximately 19% of the total share capital), agreed to sell their interests to Canon; large shareholder Bestinver Gestion S.A. (approximately 9.5% of outstanding Shares) has provided an irrevocable undertaking to tender;
Océ remains separate legal entity as a Canon division, headquartered in Venlo (the Netherlands); Océ brand is to be maintained and applied in all relevant markets. Océ to lead its R&D and manufacturing. Management Board and key management remain in place;
Employees part of industry leader – existing labor agreements will be respected, no redundancies as a result of the Offer.
More details in the full press release at WhatTheyThink.