Canon to Acquire Océ in $1.1 billion cash offer

By | November 16, 2009

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.

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One thought on “Canon to Acquire Océ in $1.1 billion cash offer

  1. Skip Henk

    I have been through a couple of acquisitions as has Oce’ (Siemens, Siemens Nixsdorf)

    Canon is a great company as well as Oce’ The combination of the two certainly encompasses the desktop all the way up. Both have a history of innovation.

    Watching HP, the acquisition by Canon is a good move.

    The devil is in the details. The strengths of Oce’ is product line, (especially the strides made in the last 3 years) a flat management structure and aggressive knowledgeable sales organization. All of these things make up the culture of Oce’.

    As long as the culture and entrepenureal spirit remains, the synergy between the two companies could be something special.

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