GRAND RAPIDS, MI: X-Rite, Inc. has signed a definitive merger agreement with Danaher, 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 transaction, expected to close by June 30, 2012, was unanimously approved by the X-Rite Board of Directors.
Thomas J. Vacchiano Jr., X-Rite’s chief executiveoOfficer said, “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. Danaher’s global scale, market presence and resources will allow X-Rite to accelerate our growth, particularly for our key strategic initiatives like PantoneLIVE and Appearance solutions. As part of Danaher, X-Rite will be able to expand our access to new markets and complementary technologies.”
Upon completion of the transaction, X-Rite, headquartered in Grand Rapids will operate as a stand-alone company within Danaher’s Product Identification group. X-Rite’s existing management team will continue to hold key senior leadership positions at the company following the close of the transaction. X-Rite will continue to do business under its existing X-Rite, Pantone and other leading brand names.