Océ Holders Take Legal Action To Challenge Canon Bid

By | February 22, 2010

Hermes Focus Asset Management Ltd, which holds 3.3% stake, and Universities Superannuation Scheme, which holds a 1.8% stake, have filed a request with the Enterprise Chamber of the Court of Appeals in Amsterdam for an investigation with respect to the negotiations between Canon and Océ about the tender offer for Océ shares and subsequent events.

The minority shareholders request, “certain provisional measures, being the suspension of the resolutions taken during the Extraordinary General Meeting of 12 February 2010, the suspension of voting rights on the preference shares and the appointment of additional independent Supervisory Directors.”

In a statement to the press Océ said they, “regret this step and will oppose the request.”

Hermes Focus Asset Management Ltd, has stated in the past that the terms of the off “do not represent a fair sharing of value between the shareholders of Canon and those of Océ.” In a public letter released in January, Hermes stated they “won’t tender their shares.”

Canon announced its plan to buy Oce in November 2009 for about $1.1 billion in cash.

Share this post