Mergers and Acquistions News
Categories: Hardware
May 27th 2009, 16:28PM
Oregon-based corporation Image Holdings has announced the completion of the tender offer by its subsidiary IC Acquisition to purchase all outstanding shares of common stock of Infocus, a global leader in the digital projection market.
The Infocus board has accepted the deal, valued at $39 million (£24 million) or 95 cents per share.
IC Acquisition now plans to effect a short-term merger as soon as legally possible, as a result of which Infocus will become a subsidiary of Image Holdings.
Bob O'Malley, president and chief executive officer of InFocus, said the merger marks a new chapter in the evolution of his company.
"We will be able to shed the complexity of the public financial markets, prioritise longer-term objectives and focus on what matters most to our customers – delivering innovative projection solutions," he commented.
John Hui, controlling shareholder of Image Holdings, co-founded eMachines and has 20 years of experience in technology and computer-related businesses.
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