Shareholders continue opposition to Océ’s proposed sale to Canon

Two shareholders, Hermes Focus Asset Management and Universities Superannuation Scheme (USS), have asked a Dutch court to look at the possible sale of Océ to Canon.

Hermes, which owns 3.3% of Océ shares, and USS, which reportedly owns 1.8%, filed a request at the Enterprise Chamber of the Court of Appeals in Amsterdam last week.

The request related to Océ's suspension of resolutions over voting rights on preference shares and the appointment of additional independent supervisory directors.

Océ has said it "regrets" the move and has opposed the request. It said it had acted in the "best interest of shareholders throughout the review process".

Canon, which previously said it would declare its offer unconditional if 85% of Océ's shares are tendered, could opt to bid for a lower percentage if required.

Océ chief executive Rokus Van Iperen has previously urged shareholders to accept Canon's offer, calling it "the best we could get".

Earlier this year, Danish shareholder Sparinvest, which holds 5.5% of Océ's shares, opposed the deal. In January, Hermes branded the offer for the Dutch company as "meagre".

In November 2009, Orbis Fund Management, which owns around 10% of the business, said that it would not sell its equity at the current price offered by Canon.

Read the original article at www.printweek.com.

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