Japanese vendor Canon plans to acquire I.R.I.S. Group SA to accelerate solutions and services business
By ECM Plus staff
ECM Plus /London/ +++ Imaging behemoth Canon is to launch, via its subsidiary in Europe, a voluntary and conditional public takeover bid in cash for all shares, warrants and stock options of I.R.I.S. Group SA.
According to the Japanese vendor, their bid relates to all shares, including treasury shares, issued by I.R.I.S. Group SA, which are not held by Canon Europa N.V. The bid offers a price of 44.50 euros per share, and the price for warrants and stock options have been determined in conformity with market practices.
I.R.I.S. develops intelligent document recognition technologies and products.
Canon said that it had already a close strategic partnership with I.R.I.S. Group, developed over a number of years, which was strengthened in July 2009 when Canon acquired a 17% stake in the company.
The manufacturer further stated that by bringing I.R.I.S. Group into its group, would enable both companies to cooperate more closely in developing a range of technology solutions to be able to better serve their customers in the business environment. The bid is part of Canonâ€™s plan to further develop its long standing strategy to offer its customers end-to-end office solutions that complement its current world class solutions portfolio and to develop a more consultancy based sales approach.
Rokus van Iperen, President & CEO, Canon Europe, Middle East and Africa, said: “Canon has identified business solutions and professional services as important focus areas for future growth and we believe this investment will bring long term opportunities to build on our success in the solutions and consultancy businesses to date. We will be working closely with I.R.I.S. Group, as a stand-alone company, to deliver more advanced solutions and services and greater customer value.”
Pierre de Muelenaere, CEO, I.R.I.S. Group, added: “The entire board of I.R.I.S. Group fully supports this bid and we are committed to making this transition a success, which we believe will be to the benefit of our customers and all our stakeholders.â€
Full details of the bid will be covered in the offer prospectus and the memorandum in reply prepared by the board of I.R.I.S. Group that will be published on the website of I.R.I.S. Group and of ING Belgium following approval by the Belgian financial markets regulator.