The European unit of Japanese imaging solutions maker Canon Inc (TYO:7751) has received clearance from the European Commission (EC) for its planned buyout of Belgian document recognition specialist IRIS Group SA (EBR:IRIS), the regulator said.
The investigation, which was launched in January, revealed that the combination would not threaten competition on the office automation equipment and capture software markets, the EC added.
Earlier this month Canon Europa NV, which already owns a 17% stake in IRIS, launched a voluntary public takeover offer to buy the rest of the Belgian firm for EUR44.50 (USD59.43) per share in cash, or a total of some EUR70m. The bid is conditional upon the buyer’s securing an acceptance level of 90% plus one share of the Belgian firm.
The buyout of IRIS will enable the parties to collaborate more closely on developing various technology solutions, Canon said previously.