Under the terms of the agreement and plan of merger, which has been unanimously approved by the company's board of directors, Presstek's shareholders will receive $0.50 in cash for each share of Common Stock. This represents a premium of 16.3 percent over closing share price of the Common Stock on Aug. 22, 2012. The agreement is subject to the approval of shareholders and other customary closing conditions and is expected to close during the fourth quarter of 2012. In connection with the transaction, AIP has obtained the agreement of Presstek's largest shareholder, IAT Reinsurance Company, Ltd. and its affiliates, which own 24.5 percent of the outstanding Common Stock, to vote in favor of the merger at the special shareholders meeting to be called for that purpose, subject to certain conditions.
- Companies:
- Mark Andy
- People:
- Stanley E. Freimuth