News Releases 2009

November 16, 2009


  • Canon and Oce aim to create the overall No. 1 presence in the printing industry;
  • Combination to capitalize on excellent complementary fit in product range, channel mix, R&D, and business lines resulting in an outstanding client offer;
  • Strong strategic rationale for Canon and Oce - growing and building on proven track record in innovation and client servicing;
  • Canon intends to make an offer of ? 8.60 per Share (cum dividend) for 100% of the outstanding Shares of Oce, representing a premium of 70% over Oce's closing share price of Friday 13 November 2009 and 137% to the average share price over the last 12 months;
  • The Management and Supervisory Boards of Oce fully and unanimously support and will recommend the intended Offer;
  • Holders of the depository receipts for Oce's cumulative preference shares, Ducatus, ASR and ING (approximately 19% of the total share capital), agreed to sell their interests to Canon; large shareholder Bestinver Gestion S.A. (approximately 9.5% of outstanding Shares) has provided an irrevocable undertaking to tender;
  • Oce remains separate legal entity as a Canon division, headquartered in Venlo (the Netherlands); Oce brand is to be maintained and applied in all relevant markets. Oce to lead its R&D and manufacturing. Management Board and key management remains in place;
  • Employees part of industry leader - existing labor agreements will be respected, no redundancies as a result of the Offer.
TOKYO, November 16, 2009?Canon and Oce today announced that they have reached conditional agreement to combine their printing activities through a fully self-funded, public cash offer by Canon for all the Shares of Oce. The offer price of ? 8.60 per Share of Oce (the "Offer") represents a premium of 70% over the closing share price of Friday 13 November 2009 and 137% to the average closing price of Oce's Shares over the last 12 months. The Offer values 100% of the issued and outstanding Shares of Oce at approximately ? 730 million.


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