Workflow Management to be Acquired
Workflow Management, Palm Beach, Fla., has entered into both a definitive agreement to be acquired by Washington- and New York-based Perseus and The Renaissance Group, Denver, for $4.87 per share in cash, and an amendment and limited waiver to its existing credit facility. It will continue to operate as a provider of end-to-end print solutions throughout North America and Puerto Rico.
Subject to the approval of Workflow Management's stockholders and the satisfaction of various closing conditions, the transaction is expected to close no later than April 30th.
"The board of directors explored numerous alternatives to address our credit facility obligations that mature in 2004, including a strategic sale, high-yield debt offering and a variety of alternative financing scenarios," said Gerald Mahoney, chairman of the board, in a recent press release.
"After considering these alternatives carefully, and after conducting a comprehensive auction process that resulted in Perseus and Renaissance submitting the highest offer to purchase the company, the board concluded that the opportunity presented by Perseus and Renaissance is in the best interests of our stockholders."