Canon Announces Plans to Acquire Océ for $1.1 Billion
TOKYO—In a somewhat surprising deal, Canon has agreed to acquire 100 percent of the outstanding shares of Océ for euro 8.60 per share cash, or euro 730 million (US $1.1 billion), in a fully self-funded transaction. The price represents a 70 percent premium over Océ's closing shares on Nov. 13. Océ will operate as a division of Canon and will maintain both its brand and headquarters in Venlo, the Netherlands.
According to Canon President and COO Tsuneji Uchida, "Through the merger of Canon and Océ, we believe that we will be able to realize clear benefits, not only in the area of R&D, but also in terms of product mix and marketing, and are confident that this winning combination will contribute greatly to our goal of becoming the overall No. 1 presence in the printing industry."
Océ CEO Rokus van Iperen agrees, adding, "The combined organization provides us with access to a huge sales network in Asia, as well as mutual cross-selling opportunities in Europe and the United States."
In addition to document management and wide-format printing, the combined companies expect to excel in the small office/home office sectors. They predict improved customer service through enhanced scale, innovative technologies and strong distribution networks.
Océ will be responsible for worldwide wide-format, commercial printing and business services. Its management team will remain in place. Océ's office activities will be integrated in Canon's Office Imaging Products division. Canon's Large-Format Printing will functionally be integrated in the Océ Production Printing Division over time. PI