New York, NY -- As the Canon/Oce saga has progressed, we at Castle Ink have tried to keep you as up to date as possible. This latest entry is to report on the initiation of the process for Canon acquiring Oce’s shares. It has been a bit of a roller coaster, but here are the highlights of the most recent events, based on news release dated 28 Jan. on Canon’s website.
Background Recap – Canon and Oce believe that together their companies can create a partnership that will be number one worldwide in the printing industry.
Despite protests by companies that hold shares in Oce, Canon has made the public offer of €8.6 per share. This offer reflects a price that is 70% higher than the price on November 13, 2009, and 137% higher than the average stock price for the previous 12 months (between November 16, 2008-November 16, 2009).
Canon and Oce both feel that this is the best scenario for it’s shareholder and both the Supervisory Board and the Management Board unanimously support this move.
The offer began at 9:00AM (Amsterdam time) 29 Jan., 2010 and will end at 5:30pm 1 Mar., 2010 unless extended.
This offer will be discussed at the Oce Shareholders meeting on the 12 Feb. 2010
By the closing date of the offer, Canon must have in it’s possession or have tendered 85% of the shares of Oce.
As of 29 Jan., Canon held “23,807,737 Shares, which represent approximately 22.18% of the Company's total issued share capital and 28.05% of the Shares.”
