Punch Graphics announced its plan to sell controlling stake in digital press company Xeikon for a deal that values the company at about EUR 185 million (US$264 million) in a statement on Friday.
European Xeikon is a digital-printing technology specialist and developer that designs, develops and delivers digital color presses for document and commercial printing and labelling and packaging purposes.
According to a statement, Punch Graphics will be selling its 65.68% stake in Xeikon to private equity firms Bencis Capital Partners for a tentative EUR110.3 million, depending on conditions.
The conditions surrounding the selling price are mostly dependent on the manufacturing company's interim results, approval from competition authorities and Bencis upping the required capital. If the conditions are met, Punch Graphics will extend the EUR5.8 per share initial cash offer as a mandatory offer at the same value to other Xeikon shareholders.
The offer price indicates a 32% improvement over Xeikon's average share rate in the past six months.
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