Mergers and Acquistions News
Categories: Media & Information Services
July 2nd 2009, 15:25PM
Hirsch International, which provides software and support services to the graphics industry, has entered into a merger agreement which will see it being acquired by its president.
Paul Gallagher, the president, chief executive officer and chief operating officer of Hirsch, will pay $0.31 (£0.19) per share of outstanding stock of the company in cash.
The deal represents a premium of approximately 47.6 per cent over the company's closing share price of $0.21 (£0.13) on June 12th.
Hirsch's board of directors has approved the merger agreement and resolved to recommend that the company's stockholders adopt it.
The transaction is expected to be completed in approximately three months and is subject to Mr Gallagher's receipt of debt financing, the approval of shareholders and receipt of consent by a significant supplier.
In August 2008, Hirsch acquired a controlling interest in US Screen Print & Inkjet Technology, which serves the decorated apparel industry with a range of educational services, software and supplies.
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