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Danaher Corporation to acquire X-Rite
For $625 million
Updated: Tuesday, 10 Apr 2012, 1:34 PM EDT
Published : Tuesday, 10 Apr 2012, 10:28 AM EDT
KENTWOOD, Mich. (AP) - Health care conglomerate Danaher Corp. said Tuesday it has agreed to buy color technology company X-Rite Inc. for about $477.9 million, or $5.55 per share, through a tender offer.
The total purchase price is based on X-Rite's 86.1 million shares outstanding. Danaher values the deal at $625 million including assumed debt.
X-Rite shares jumped 39 percent to hit the offer price of $5.55 in early trading Tuesday. It closed at $4 on Monday, giving the offer a premium of 39 percent.
Danaher said it wants to expand in the color measurement market. Pantone, the design industry color provider, is an X-Rite subsidiary.
When the deal closes, X-Rite will be part of Danaher's Product Identification group. X-Rite, based in Kentwood, will continue to operate as a stand-alone company.
X-Rite's board has unanimously recommended that shareholders accept the deal. It's expected to close in the second quarter pending regulatory approval.
The cash tender offer is expected to start within five business days.
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