In the US, digital offset printing equipment supplier Presstek has entered into a definitive merger agreement under which it would be acquired by MAI Holdings, an affiliate of American Industrial Partners Capital Fund IV (AIP).
The agreement, which has been unanimously approved by the company’s board of directors, is subject to the approval of shareholders and other customary closing conditions and is expected to close during the fourth quarter of 2012. AIP has obtained the agreement of Presstek’s largest shareholder, IAT Reinsurance Co and its affiliates, which own 24.5% of the outstanding Common Stock, to vote in favour of the merger at a special shareholders meeting to be called for that purpose, subject to certain conditions.
Stanley E Freimuth, Presstek’s chairman, president and CEO, says: “We believe that this combination will help to fuel the growth of the company, which has been challenging over the past few years as a result of the worldwide economic downturn. AIP is no stranger to our industry. One of its portfolio companies, Mark Andy, is the world's leading designer of narrow and mid-web flexo equipment and aftermarket products serving the label, packaging and speciality printing markets. We look forward to working with Mark Andy in areas where it makes sense for both companies.”
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