Lexmark Confirms It Will Be Acquired By Apex Technology For $40.50 Per Share

Lexmark International IncLXKReport: China-Based Apex Technology Eyeing Acquisition Of Lexmark On Wednesday, Lexmark confirmed that it has entered into an agreement to be acquired by a consortium of investors, led by Apex Technology and PAG Asia Capital for $40.50 per share. Shares of Lexmark closed for trading at $34.65 on Tuesday and were trading higher by more than 10 percent at $38.40 early Wednesday morning. The transaction has been unanimously approved by Lexmark's Board of Directors and is the result of a review process of strategic alternatives. The transaction implies a 30 percent premium to the stock's closing price on October 21, 2015, the final date prior to the announcement that the company will explore strategic alternatives. The merger is expected to close in the second half of 2016 and remains subject to approval by Lexmark's shareholders and regulatory approvals in the U.S., including the Committee on Foreign Investment. "This is an exciting transaction that Lexmark's Board of Directors believes is in the best interests of our shareholders following an exhaustive strategic alternatives review process to maximize value," said Paul Rooke, Lexmark chairman and chief executive officer. "The transaction will benefit our customers and provide new opportunities for our employees. "As part of the Consortium, Lexmark will be able to reach the next level of growth and innovation, to the benefit of our customers, business partners and suppliers, faster than we could achieve on our own," added Rooke. "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."