The Japanese company had made a €730m cash offer for Océ last November, but the deal was hit by opposition from various shareholders.

Canon had previously said that the offer must reach a threshold of 85% acceptance from shareholders in order for the offer to be unconditional.

However, it has been announced that around 43% of Océ's shares were tendered during the acceptance period that ended on Monday (1 March). This, in addition to shares already acquired by Canon, gives the company a 71% holding in Océ's total shares.

Océ has declared the offer unconditional, meaning that shareholders that have not yet tendered their shares now have until 19 March to sell their holding, or become minority investors in a company controlled by Canon.

Various shareholders have voiced opposition to the takeover bid, which was a 70% premium on the share price at the time. In January of this year, Hermes Focus Asset Management branded the offer for the Dutch company as "meagre".

In November 2009, Orbis Fund Management, which owns around 10% of the business, refused to sell its equity.

Yet, earlier last month, Océ chief executive Rokus Van Iperen urged shareholders to accept Canon's offer, deeming it "the best we could get".

Océ's share price was €8.62 at the time of writing.

Read the original article at www.printweek.com.

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