The following appears on TheImagingChannel.com
By John McIntyre – Rumors suggesting that Lexmark was being pursued by Apex Technology Co., the same company that bought Lexmark archenemy Static Control last year, have percolated since April 7 from numerous sources. The reports were discounted by many in the printing/imaging industry because the move was seen as an odd fit – a major printer hardware OEM being acquired by a company known principally for producing components for aftermarket ink and toner makers. At the same time there were also reports that Lenovo expressed interest in acquiring Lexmark, a move that would reunite two substantial ex-IBM divisions under Chinese ownership.
But indeed, Lexmark’s Board of Directors announced on April 19 that the company had agreed to a buyout from a consortium of purchasers including Apex and PAG Asia Capital (self-described as “one of Asia’s largest alternative investment management firms,”) and additional participation from Legend Capital Management (read the press release here.) The Wall Street Journal notes that Legend Capital, an associate of Lenovo’s biggest shareholder Legend Holding, is also part of the buying consortium. The $3.6B all-cash deal means Lexmark shareholders will get $40.50 for each share, representing a premium of 16.8 percent to the April 19 close of $34.66. In another surprise, the Apex deal includes buying Lexmark intact – including its attractive Enterprise Software unit (that includes Kofax, acquired last year) – which the company has been shopping around for several months.
