Here’s a letter that was forwarded to me from Lexmark to imaging dealers. This was sent out to to field last night as the news was breaking…

Dear Valued Customers and Partners,

We wanted to reach out to share some important news regarding Lexmark. Our company has entered into a definitive agreement to be acquired by a consortium of investors led by Apex Technology and PAG Asia Capital. Legend Capital Management is also a member of the consortium. Click here for a copy of the news release we issued, which provides further details about the transaction.

We believe this transaction represents an excellent opportunity to accelerate Lexmark’s growth prospects and key strategic initiatives to the benefit of our stakeholders – including you, our valued customers and partners.

By way of background, Apex Technology designs, manufactures and markets inkjet and laser cartridge components for remanufacturers and distributors. It is the largest global aftermarket printer consumables company. With the Consortium’s resources, we will be able to continue to invest in and grow the business to more fully penetrate the Asia Pacific market for hardware, software and managed print services.

The transaction, which is expected to close in the second half of 2016, is subject to various conditions, including the receipt of required shareholder approval and foreign and domestic regulatory approvals. Throughout this process and following the close, we will continue to do business as we always have. In fact, this transaction is not expected to impact the markets we serve or our dedication to providing you with the industry-leading products, solutions and services that you have come to expect from us. 

Importantly, we are committed to the trusted relationship we have built with our customers and partners and we remain focused on serving you. The Consortium intends to maintain Lexmark’s corporate headquarters in Lexington, Kentucky, and I expect to continue leading Lexmark as chief executive officer after the transaction closes. Our business groups, as well as our corporate, regional and country operations, are expected to continue to operate in the same manner as they do today.

We value your partnership and thank you for your continued support. If you have any questions about this announcement, please don’t hesitate to reach out to me.

Sincerely,

Paul Rooke
Lexmark Chairman and CEO