New York, NY -- Despite the protestations by other companies/shareholders that their bid of €8.60 for each share undervalued the company, on 4 March 2010 Canon announced that the offer was rated as unconditional on 3 March 2010 after the Enterprise Chamber hearing. This helps a great deal in the two companies’ quest to own the number 1 spot in the printing industry.
As of the previously set deadline of 1 March, 36,520,160 Shares had been tendered, equal to 43% of the total shares available. Canon had previously acquired 24,018,597 Shares before the end of the acceptance period. The two amounts together total 60,538,757 Shares for a total percentage of 71.33 of the Shares. The payment for the shares will go into effect on Tuesday March 9.
For the remaining shares, there is an open period between the dates of March 5 and March 19 where the shareholders can still cash in their holdings for the same €8.60 price previously set by Canon and Oce.
