ce (NL:OCE 8.59, +0.00, +0.03%) to Canon Inc.'s /quotes/comstock/13*!caj/quotes/nls/caj (CAJ 41.38, -0.05, -0.11%) /quotes/comstock/!7751 (JP:7751 3,720, -105.00, -2.75%) offer for the Venlo, Netherlands, imaging-technology producer, calling the proposed deal price inadequate. The statement follows reports that two other Oce holders asked a Dutch court to protect the rights of minority holders if Canon declares its offer unconditional. In November, the Japanese camera maker proposed to pay 8.60 euros ($11.72) a share, or 703 million euros, for Oce, a deal backed by the Dutch company's supervisory and management boards. The offer is set to expire March 1 and is subject to Canon receiving at least 85% of Oce's shares outstanding. But Canon has said that it might settle for less than the 85% that it originally sought. Dow Jones Newswires reported that Canon currently holds 28% of Oce. Orbis Portfolio Management is a manager and adviser to Orbis Funds, the Hamilton, Bermuda, investment manager.
TEL AVIV (MarketWatch) -- Orbis Portfolio Management Europe affirmed Tuesday that it would not tender its 10% holding in Oce NV /quotes/comstock/24s!ece (NL:OCE 8.59, +0.00, +0.03%) to Canon Inc.'s /quotes/comstock/13*!caj/quotes/nls/caj (CAJ 41.38, -0.05, -0.11%) /quotes/comstock/!7751 (JP:7751 3,720, -105.00, -2.75%) offer for the Venlo, Netherlands, imaging-technology producer, calling the proposed deal price inadequate. The statement follows reports that two other Oce holders asked a Dutch court to protect the rights of minority holders if Canon declares its offer unconditional. In November, the Japanese camera maker proposed to pay 8.60 euros ($11.72) a share, or 703 million euros, for Oce, a deal backed by the Dutch company's supervisory and management boards. The offer is set to expire March 1 and is subject to Canon receiving at least 85% of Oce's shares outstanding. But Canon has said that it might settle for less than the 85% that it originally sought. Dow Jones Newswires reported that Canon currently holds 28% of Oce. Orbis Portfolio Management is a manager and adviser to Orbis Funds, the Hamilton, Bermuda, investment manager.
ce (NL:OCE 8.59, +0.00, +0.03%) to Canon Inc.'s /quotes/comstock/13*!caj/quotes/nls/caj (CAJ 41.38, -0.05, -0.11%) /quotes/comstock/!7751 (JP:7751 3,720, -105.00, -2.75%) offer for the Venlo, Netherlands, imaging-technology producer, calling the proposed deal price inadequate. The statement follows reports that two other Oce holders asked a Dutch court to protect the rights of minority holders if Canon declares its offer unconditional. In November, the Japanese camera maker proposed to pay 8.60 euros ($11.72) a share, or 703 million euros, for Oce, a deal backed by the Dutch company's supervisory and management boards. The offer is set to expire March 1 and is subject to Canon receiving at least 85% of Oce's shares outstanding. But Canon has said that it might settle for less than the 85% that it originally sought. Dow Jones Newswires reported that Canon currently holds 28% of Oce. Orbis Portfolio Management is a manager and adviser to Orbis Funds, the Hamilton, Bermuda, investment manager.Original Post