Electronics for Imaging to be bought for a 26% premium, in a $1.7 billion deal

Discussion in 'Market News' started by sniper-academy, Apr 15, 2019 at 8:26 PM.

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  1. sniper-academy

    sniper-academy Administrator Staff Member

    Sep 30, 2011
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    Electronics for Imaging Inc. announced Monday a deal to be acquired in a cash deal valued at $1.7 billion by private equity firm Siris Capital Group LLC. The digital imaging company's stock is halted for news until 8:30 a.m. ET. Under terms of the deal, Siris will pay $37 for each Electronics for Imaging shares outstanding, which is 26% above Friday's closing price of $29.40. Electronics for Imaging said there will be a "go-shop" period over the next 45 calendar days. "We believe this transaction delivers superior and immediate value to our shareholders while providing us with a partner that can add strategic and operational expertise to our business," said Electronics for Imaging Chief Executive Bill Muir. The stock has gained 4.8% over the past 12 months, while the Nasdaq Composite has climbed 12.4% and the S&P 500 has advanced 8.4%.

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