Canon’s €730m ($1.1bn) agreed bid for digital printing rival Océ was challenged on Wednesday when a large Océ shareholder said the offer “significantly undervalued” the Dutch company’s shares.
Orbis Fund Management – which manages $20bn in funds and has a reputation for seeking out undervalued assets and then mounting a robust defence of its interests – said it would not tender its roughly 10 per cent holding to Canon at the current offer price.
