Image Holdings Successfully Completes Tender Offer for Shares of InFocus Corporation
26 5월 2009 - 10:30PM
Business Wire
Image Holdings Corporation, an Oregon corporation indirectly
owned by John Hui, an accomplished entrepreneur and co-founder of
e-Machines, today announced the successful completion of the tender
offer by its wholly owned subsidiary, IC Acquisition Corp., to
purchase all of the outstanding shares of common stock of InFocus
Corporation (NASDAQ: INFS). The tender offer expired at 12:00
midnight, New York City time, on May 22, 2009.
The depositary for the tender offer has advised Image Holdings
that a total of 37,338,451 shares of InFocus common stock were
validly tendered and not validly withdrawn upon expiration of the
offering period of the Offer, which represents approximately 91.0%
of all InFocus� outstanding shares of common stock. IC Acquisition
Corp. has accepted for payment all InFocus shares validly tendered
and not validly withdrawn in the tender offer.
In order to complete the acquisition of InFocus, IC Acquisition
Corp. intends to effect a short-form merger as soon as legally
permissible, without a meeting of the shareholders of InFocus,
after which IC Acquisition Corp. will merge with and into InFocus,
with InFocus becoming a wholly owned subsidiary of Image Holdings.
In the merger, each outstanding share of InFocus common stock that
is not owned by Image Holdings, IC Acquisition Corp., InFocus or
any of their respective subsidiaries will be converted into the
right to receive the same $0.95 per share, without interest and
subject to any required withholding of taxes, that was paid in the
tender offer. Holders of shares of InFocus common stock are not
entitled to dissenters� rights in connection with the merger.
�InFocus is a great brand and I assign significant value to the
company�s extensive network of channel partners, innovative history
and product leadership,� said John Hui, the controlling shareholder
in Image Holdings. �I look forward to working with the InFocus
management to return the company to a dominant position in the
industry.�
�Just as the merger process closes, we open another chapter in
the evolution of InFocus,� said Bob O�Malley, the president and CEO
of InFocus. �Becoming a privately owned company will be good for
InFocus customers, suppliers and employees. We will be able to shed
the complexity of the public financial markets, prioritize longer
term objectives and focus on what matters most to our customers �
delivering innovative projection solutions.�
Averil Capital Markets Group, Inc. served as financial advisor
to Image Holdings and IC Acquisition Corp, and Jones Day acted as
legal advisor to Image Holdings and IC Acquisition Corp.
Thomas Weisel Partners LLC served as financial advisor to
InFocus and its board of directors, and Garvey Schubert Barer acted
as legal advisor to InFocus and its board of directors.
About John Hui
John Hui has more than 20 years of experience in technology,
computer and computer-related businesses. Mr. Hui has successfully
owned a number of tech-related operations and continues to acquire,
build and sell various organizations today. His background includes
founding and running KDS USA, a US$400 million distributor of
monitors and notebooks; co-founding eMachines, a US$1 billion
computer company, and its subsequent sale to Gateway, Inc.; and
purchasing Packard-Bell BV, a European computer distributor, and
its subsequent sale to Acer Inc. In addition to his background in
the PC and related peripherals industries, Mr. Hui oversees various
investments in the data storage, telecommunications, web
applications and related I.T. areas. Mr. Hui is a US citizen and
has lived in this country since 1973. He has BS and MBA degrees and
is a certified internal auditor. He was a former Citicorp resident
inspector (internal audit).
About InFocus Corporation
InFocus is the industry pioneer and a global leader in the
digital projection market. The company�s digital projectors make
bright ideas brilliant everywhere people gather to communicate and
be entertained � in meetings, presentations, classrooms and living
rooms around the world. Backed by more than 20 years of experience
and innovation in digital projections, and over 245 patents,
InFocus is dedicated to setting the industry standard for large
format visual display. The company is based in Wilsonville, Oregon
with operations in North America, Europe and Asia. InFocus is
listed on NASDAQ under the symbol INFS. For more information, visit
the company�s website at www.infocus.com.
Forward-Looking Statements
This press release contains forward-looking statements including
statements concerning the proposed acquisition of InFocus and the
expected completion of the transaction. Investors are cautioned
that all forward-looking statements involve risks and uncertainties
and several factors could cause actual results to differ materially
from those in the forward-looking statements. Factors that could
cause actual results to differ from these forward-looking
statements include, but are not limited to, conditions affecting
the industries in which InFocus operates, the parties� ability to
satisfy the conditions to and consummate the merger, the ability of
InFocus to realize anticipated cost savings, and other risk factors
found in the InFocus annual report on Form 10-K for the year ended
December 31, 2008, and quarterly report on Form 10-Q for the period
ended March 31, 2009. The forward-looking statements contained in
this press release speak only as of the date on which they are made
and InFocus, Image Holdings and Purchaser do not undertake any
obligation to update any forward-looking statements to reflect
events or circumstances after the date of this press release,
except as required by applicable law.
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