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Canon Bids $1.09 Billion For OCE

Shares in Dutch printer maker OCE NV surged 68 percent Monday after Japan's Canon Inc. announced a $1.09 billion takeover bid that was endorsed by OCE's board.

AMSTERDAM (AP) -- Shares in Dutch printer maker OCE NV surged 68 percent Monday after Japan's Canon Inc. announced a euro730 million ($1.09 billion) takeover bid that was endorsed by OCE's board.

While Canon competes with Hewlett-Packard Co. for the home printer market, OCE makes professional printing machines, including for large formats.

Canon's offer of euro8.60 per share offers a premium of 70 percent to OCE's closing price Friday, and values the company's shares at euro730 million.

Including OCE's debt of euro704 million, which Canon will assume, the deal is worth euro1.43 billion.

Shares in OCE rose 68 percent to euro8.54 in early trading in Amsterdam.

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