(Adds background, Oce unavailable to comment.)
By Maarten van Tartwijk
Of DOW JONES NEWSWIRES
AMSTERDAM (Dow Jones)
In a statement, Orbis said that, "as a result of a flawed negotiation process", Oce's assets are "being significantly undervalued" at the proposed buyout price of EUR8.60 per share.
Orbis added that Oce should consider looking for other buyers for each business unit, "yielding a much higher value for shareholders as a result."
Orbis said it has an approximately 10% holding in Oce.
Monday, Canon said it will buy Oce for EUR730 million in cash, sending Oce shares sharply higher, as the Japanese office machine maker aims to grow amid the shaky prospects for corporate spending.
For the deal to continue, at least 85% of Oce's shares need to be tendered to Canon.
Oce wasn't immediately available for comment.
-By Maarten van Tartwijk; Dow Jones Newswires; +31 20 5715 200; maarten.vantartwijk@dowjones.com