X-Rite To Bid For GretagMacBeth Parent
Grandville, Mich.-based X-Rite Inc. recently offered to purchase all of the outstanding
registered shares of Switzerland-based Amazys Holding AG - the parent company of
GretagMacbeth, also based in Switzerland - for approximately $280 million plus 2.11 shares of
X-rite stock per Amazys share. The deal is expected to close in late spring of this year, following
shareholder and regulatory approvals.
X-Rite reported that upon completion of the sale, a team of X-Rite and GretagMacbeth executives would lead the consolidation of the two companies. The resulting organization would have global headquarters in Grandville and European headquarters in Switzerland. Current X-Rite shareholders would own 74 percent of the combined entity, with the rest belonging to Amazys Holding's current shareholders.
"X-Rite is excited about the opportunity to achieve greater scale, reduce operational costs and leverage combined [research and development] efforts," said Michael C. Ferrara, CEO, X-Rite. "With the combined company, we will be in a position to deliver more innovative and high-quality solutions."