Canon Inc. Initiates Squeeze Out Procedure to Acquire Remaining Shares in Oce NV

Canon Inc. (Canon) announced that the writ of summons commencing formal statutory buyout proceedings under Dutch law (squeeze out procedure) to acquire the remaining shares in Oce NV (Oce) was issued by Canon Finance Netherlands BV, a Canon wholly owned subsidiary in the Netherlands, on January 24, 2012. In the squeeze out procedure Canon offers a purchase price of EUR 9.75 per ordinary share in the capital of Oce. This is equal to the purchase price Canon paid for the ordinary shares in Oce that it acquired from Orbis Funds (Orbis), a transaction that was announced in a press release on December 22, 2011. The acquisition of Oce shares from Orbis increased Canon's ownership in Oce to 98.83% of the entire issued share capital (including 2.38% treasury shares held by Oce and including cumulative preference shares). This percentage allows Oce to delist from NYSE Euronext Amsterdam and Canon to initiate the squeeze out procedure.