Last week, Orbis, a 10% shareholder in Océ said that it believed the bid "significantly undervalued" Océ, despite a general impression that the bid was a strong one in order to deter a counter bid from Konica Minolta.

Canon requires acceptance from 85% of its shareholders to complete a deal, so Orbis would have to persuade other investors to hold out for a higher bid in order to deter the move. However, the 2c premium suggest that should an offer come in, it will only be marginally higher that its current bid.

However, with Konica Minolta having ruled itself out of the running, a bid from a rival is unlikely to emerge. Even so, Canon may raise its bid in order to satisfy Orbis and ensure a smooth transaction.

UPDATE: THIS STORY HAS BEEN AMENDED AS THE OFFER PRICE FOR OCE WAS 8.60 AND NOT 7.80 A SHARE AS ORIGINALLY WRITTEN