Canon announced today that over 71% of Oce shares have been tendered to the Japanese company's tender offer.
Reference is made to the press release of 28 January 2010, in which Canon and its subsidiary Canon Finance Netherlands. (together "Canon") and Océ ("Océ") jointly announced that Canon is making a fully self-funded public cash offer ("Offer") for all the issued and outstanding ordinary shares of Océ (the "Shares") at an offer price of EUR 8.60 per Share.
Canon announces that by the close of the acceptance period on 1 March 2010, over 71% of the Shares were acquired by or tendered to Canon, which includes the 28.3% of the Shares (24,018,597 Shares) already held by Canon.
Canon will announce on or before 4 March 2010 its decision whether the Offer is i) declared unconditional, ii) extended or iii) terminated as a result of the offer conditions not having been fulfilled (paragraph 6.2 of the Offer Memorandum). If Canon declares the Offer unconditional, Canon intends to announce a post-acceptance period (na-aanmeldingstermijn) of up to two weeks.
Océ announces that the Enterprise Chamber in Amsterdam this evening dismissed the requests by Hermes/USS.
Rokus van Iperen, chairman of the Board of Executive Directors of Océ, commented: "We are pleased that this ruling means the process related to the envisaged acquisition of Océ by Canon can proceed."