Canon, the Japanese maker of cameras, copy machines and other electronics, will make a tender offer worth €730 million for Océ, the biggest European printer maker, the two companies said Monday. At €8.6 per outstanding Océ share -- 70 percent higher than their price at the close on Friday -- the all-cash offer values the Dutch company at nearly $1.1 billion. “Today’s announcement is not about the sale of a midsize industry player,” said Rokus van Iperen, chief executive of Océ, calling the new company a “global combination” that would give Océ better access to markets and hand Canon technology it needs. Toshizo Tanaka, chief financial officer of Canon, said at a news conference in Amsterdam on Monday that Europe had been the company's top market since 2004.
The combined Canon-Océ will be up against competition from Fuji and Ricoh to dominate the European, U.S. and Asian markets. Canon’s acquisition comes just a year after Ricoh bought Ikon Office Solutions, based in Pennsylvania, for $1.62 billion.
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