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Tuesday, 10 April 2012 22:33

X-Rite to be acquired by Danaher in $625M deal

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GRAND RAPIDS — One of West Michigan’s public companies has been acquired in a $625 million deal.

X-Rite Inc. (NASDAQ:XRIT) today announced that it has signed a definitive merger agreement with Danaher (NYSE: DHR) under which Danaher will acquire the company for $5.55 per share in cash, or a total of approximately $625 million including the assumption of debt, net of cash. The offer is 39 percent above X-Rite’s closing share price of $4.00 on April 9.

X-Rite said in a release that the transaction was unanimously approved by the X-Rite Board of Directors.

Certain stockholders representing approximately 68 percent of the voting power of X-Rite’s outstanding shares intend to tender their shares into the offer.

“Joining Danaher enhances X-Rite’s ability to achieve our growth goals while realizing a significant and immediate all-cash premium for X-Rite stockholders,” X-Rite’s CEO Thomas J. Vacchiano Jr. stated in a release. “We expect X-Rite customers and employees to benefit from our being part of a larger, stronger company focused on growth and innovation and which shares our passion for retaining, developing and recruiting the best talent available.”

Vacchiano stated the deal would allow X-Rite to accelerate its growth given Danaher’s global footprint. He stated the deal should help X-Rite access new markets.

X-Rite will remain a standalone company within Danaher, and will remain headquartered in Grand Rapids. The company stated that its existing management team will continue on as senior leaders of the company after the completion of the deal, which is expected in the second quarter of 2012.

Read 956 times Last modified on Thursday, 04 October 2012 00:34

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