Color technology provider X-Rite Inc. (NASDAQ: XRIT), owner of the widely used Pantone color system, has agreed to be acquired by conglomerate Danaher Corp. (NYSE: DHR) for $5.55/share in a deal worth about $625 million. The acquisition includes Danaher’s assumption of X-Rite’s debt net of cash. The acquisition is expected to close in the second quarter.
The all-cash tender offer is expected to begin within 5 days and represents a 39% premium over X-Rite’s closing price of $4/share last night. According to the announcement 68% of X-Rite’s voting shareholders intend to tender their shares in the offer.
Shares of X-Rite are up 38.5% at $5.54 in pre-market trading. The company’s 52-week range is $3.26-$5.03. Shares of Danaher are unchanged this morning at $54.59 in a 52-week range of $39.34-$56.45.
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