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Matthews International
MATW today announced that the Company has signed a definitive agreement to acquire Schawk ("SGK")
SGK. SGK is a leading global brand development, activation and brand deployment company. SGK reported sales of $443 million for 2013 and has approximately 3,600 employees in over 20 countries.
Under the terms of the transaction, SGK stockholders will receive $11.80 cash and 0.20582 shares of Matthews' common stock for each SGK share held. Based on the closing price of Matthews' stock on March 14, 2014, the transaction represents an implied price of $20.00 for each SGK share and a total enterprise value of approximately $577 million. The exchange is intended to qualify as a tax-free reorganization on the share portion of the purchase price.
The combination is ultimately expected to achieve $35 million to $45 million in annual cost-savings synergies and is expected to be accretive to adjusted (non-GAAP) earnings per share in the
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