Danaher Corp., Washington, D.C., announced entered into a definitive merger agreement with X-Rite, Inc., Grand Rapids, Mich., where Danaher will acquire X-Rite by making a cash tender offer to acquire all of the outstanding shares of common stock of X-Rite at a purchase price of $5.55 per share, for an enterprise value of approximately $625 million, including debt assumed and net of cash acquired. Upon closing X-Rite will be part of Danaher’s Product Identification group.
“We are excited about the opportunity to acquire two premier brands in X-Rite and Pantone,” says William K. Daniel II, executive vice president, Danaher. “Color measurement is an attractive market adjacency to our existing Product Identification businesses. X-Rite’s color measurement technologies complement Esko’s digital packaging design capabilities to provide customers with a full range of solutions to meet their packaging and design needs. Along with Videojet and Esko, we believe X-Rite and Pantone will further Danaher’s leading position in the Product Identification industry and present an attractive value creation opportunity.”
The transaction is expected to be completed during the second quarter of 2012.