17 November, 2009
Orbis opposes Canon's $1.1 bln bid for Oce
TOKYO, Nov 18 (Reuters) - Orbis Portfolio Management said on Wednesday it would not tender its shares in Dutch copier and printer maker Oce (OCEN.AS) to Canon Inc (7751.T), saying the 730 million euro ($1.1 billion) bid was "significantly" underpricing the company.
The Japanese camera and office equipment maker offered to pay 8.6 euros for each Oce share, a 70-percent premium to the previous trading day's close, in a move to strengthen its product line-up and sales channels. [ID:nLG315826]
"As a result of a flawed negotiation process....Oce's assets are being significantly undervalued at the proposed buyout price," Orbis Portfolio Management (Europe), a manager and adviser to Orbis Funds, said in a statement distributed by its public relations agent FD.
"Orbis Funds would not wish to tender their approximate 10 percent holding at the current offer price." (Reporting by Kiyoshi Takenaka; Editing by Joseph Radford)
Source: http://www.reuters.com
Orbis opposes Canon's $1.1 bln bid for Oce Added: (17.11.2009)
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