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Danaher to Acquire X-Rite


April 10, 2012
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Industrial conglomerate Danaher has announced it has entered into an agreement with X-Rite to acquire the company. Danaher will make a cash tender offer to acquire all the outstanding shares of common stock of X-Rite for $5.55 per share for an enterprise value of $625 million, including debt assumed and net of cash acquired.
Danaher, the parent company of familiar brands such as Esko and Videojet, had operating revenues of over $16 billion in 2011. It also operates in the Test & Measurement, Environmental, Dental, and Life Sciences segments. X-Rite, in addition to producing colour measurement tools, also owns colour specification leader Pantone.
“We are excited about the opportunity to acquire two premier brands in X-Rite and Pantone,” said William K. Daniel II, Executive Vice President of Danaher. “Colour measurement is an attractive market adjacency to our existing Product Identification businesses. X-Rite’s colour 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.”

Thomas J. Vacchiano Jr., X-Rite’s Chief Executive Officer said, “Joining Danaher enhances X-Rite’s ability to achieve our growth goals while realizing a significant and immediate all-cash premium for X-Rite stockholders. Danaher’s global scale, market presence and resources will allow X-Rite to accelerate our growth, particularly for our key strategic initiatives like PantoneLIVE and Appearance solutions.  As part of Danaher, X-Rite will be able to expand our access to new markets and complementary technologies.”

The X-Rite Board of Directors has unanimously recommended that X-Rite shareholders accept and tender their shares into the offer. The transaction is expected to be completed during the second quarter of 2012 at which time X-Rite will join Danaher’s Product Identification Group.

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