X-Rite says it is "fully committed to the completion of the transaction."?
Amazys Holding AG, the parent company of GretagMacbeth, has received an unsolicited letter of intent from Eichhof Holding AG, the parent company of Datacolor, for a competing public tender offer. In January, X-Rite and Amazys jointly announced they had reached an agreement under which X-Rite would purchase Amazys Holding for approximately $280 million.
In its letter of intent, Eichhof declares its intention, subject to negative due diligence findings, to make a public tender offer for all publicly held shares of Amazys. The intended offer comprises a yet-to-be-determined price in cash. Following review of the letter, Amazys' board of directors has opted to allow Eichhof access to a due diligence after execution of a customary confidentiality and stand-still agreement.
Following the announcement of the Eichhof letter, X-Rite commenced its formal tender offer to purchase all of the outstanding registered shares of Amazys Holding AG. "X-Rite is fully committed to the completion of the transaction as outlined in the tender offer," the company reports. "The tender offer is supported by the boards of directors of both X-Rite and Amazys."
Based in Lawrenceville, NJ, and founded in 1970, Datacolor is a division of Eichhof Holding, headquartered in Lucerne, Switzerland. The company serves a variety of industries including digital imaging, photography, graphic design, plastics, paint, leather, automotive, apparel, textiles, ink, and others. Its ColorVision unit and products are specifically focused toward the graphic-design market.