Canon buys Dutch printing company for $1.01 billion

Tokyo-based Canon said yesterday it will buy Dutch printing firm Océ for an equity value of 730 million $1.01 billion

Canon is offering a price of 8.60 per share of Océ, translating to a premium of 70% over the closing share price on November 13 and 137% to the average closing price of the shares over the last 12 months. Canon intends to corner all Océ's outstanding shares via the open offer and then delist it from the NYSE Euronext Amsterdam where it currently trades.

Bestinver Gestion which owns 9.5% of Océ has agreed to tender its shares to Canon. Holders of depository receipts which represent approximately 19% of Océ's voting...