new york (Bloomberg) — Bermuda-based Orbis Funds won't tender the approximately 10 percent of Oce NV's shares it holds under Canon Inc.'s 8.60 euros-a-share offer, the asset manager said in a statement yesterday. The offer price "significantly undervalues" Oce, according to the statement.

The Orbis move comes after fellow Oce NV shareholders Hermes Fund Managers Ltd. and The Universities Superannuation Scheme asked a Dutch court for measures to safeguard minority shareholders after Canon Inc.'s takeover bid is declared unconditional.

Hermes and the UK pension fund, holding about 5.1 percent of Oce's shares, asked the court to consider the "deteriorated position of minority shareholders following the recently changed corporate governance of Oce, which will take effect once Canon declares its offer unconditional", and asked for measures to restore their position, they said in a statement on Monday.

Tokyo-based Canon in November offered to buy Oce for about 730 million euros ($1 billion) in cash to expand its printer operations and widen its lead in the global market for office equipment. The company said two weeks ago it may settle for less than the 85 percent stake originally sought, limiting the ability of opposing shareholders to force a higher price.