Orbis Balks At Canon's €730M Bid For Oce

Law360, New York (November 18, 2009, 4:49 PM EST) -- Orbis Portfolio Management LLC says it will oppose an offer by Canon Inc. to purchase outstanding shares of Dutch printer maker Oce NV — a company in which Orbis holds a roughly 10 percent stake — for about €8.60 ($12.87) a share.

Printing and camera giant Canon announced the €730 million ($1.1 billion) proposal Monday in joint press release with Oce.

Orbis, a financial management firm, said in a news release Wednesday that it believed Oce's “assets are being significantly undervalued” as “a result of a...
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