Canon to extend tender offer for Oce shares

TOKYO, JAPAN: Canon Inc said on Thursday that its tender offer for Oce was unconditional and extended the offer to March 19 with the aim of buying all shares in the Dutch printer maker.

Canon, which offered to buy Oce in November for 730 million euros ($1 billion), had announced on Tuesday that it had acquired 71 per cent of Oce shares, short of its original target of 85 per cent.

Canon had said it would decide by Thursday whether it would be satisfied with a 71 per cent stake, extend the tender offer or walk away from the deal.

Canon said it still wants a 100 percent stake in Oce and that it had extended the offer to give remaining stakeholders the chance to tender their shares.

"With this announcement, Canon and Oce have successfully taken an important first step in their aim to create the overall No.1 presence in the printing industry," the two companies said in a statement.

Before the announcement, Canon shares closed down 0.8 percent at 3,765 yen in Tokyo.

Oce shares were trading up 0.6 percent at 8.61 euros, compared with Canon's offer of 8.6 euros.