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Canon to bid for ownership of IRIS

September 19, 2012

OEM will bid on Belgium document recognition company for approximately €70 million.

Reuters has reported on a forthcoming bid from printer manufacturer Canon to purchase Belgium document recognition company IRIS, offering €44.50 ($57.98) per share for a total of approximately €70 million ($91 million).

IRIS, a pen scanner and scanning software producer, is said to have had 2011 revenues of €121 million and employs more than 500 personnel in 12 different locations.

Canon currently owns 17 percent of the company, and the bid is stated by a Belgium regulator as being “conditional on the Japanese group being able to purchase 90 percent plus one share of the Belgian firm”.

IRIS shares were suspended on 18 September, having traded at €29.70 ($38).

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