Canon’s Bid for Océ Continues

By | February 15, 2010

Last month Canon’s bid for Océ was said to be in jeopardy after Hermes Focus Asset Management Ltd, which controls 3.3 percent shares of Océ, publicly stated it was “concerned that the offer terms do not represent a fair sharing of value between the shareholders of Canon and those of Océ” and they wouldn’t tender their shares.

Last week the business press reported that Canon is sticking with their offer of 8.60 euros ($11.83) per share. Masaki Nakaoka, chief executive of Canon’s office- imaging products operations was quoted saying the offer “is reasonable.”

Océ continues to work through corporate details announcing shareholders have adopted proposed resolutions in connection with the offer.

Konica Minolta and Océ have announced that they will terminate their strategic agreement which included imaging R&D and sales and marketing:

Konica Minolta and Oce will terminate the joint development and commercialization activities of cut-sheet type monochrome and colour output systems for the production printing market undertaken by both companies under the joint development agreement.

For the time being, Konica Minolta will continue to supply its office printing systems to Oce on an OEM basis from its entire production line, and both Konica Minolta and Oce will continue to supply production printing systems to each other on an OEM basis, under the OEM sales agreement. Also, both companies will continue to supply consumables and parts and offer after-sales service for products already in the market.

Jim Hamilton of InfoTrends writes at InfoBlog, “The development relationship is over, and once the acquisition closes we can expect to see Canon products replacing the Konica Minolta offerings in the Océ product line.”

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