InFocus announced today that they are entering into a definitive merger agreement with Image Holdings Corporation (IHC) for a price of $0.95 per share or $39 million dollars in total. This represents a 36% premium over the April 9th closing price of $0.70 and a 90% premium over the last 30 day average for the company stock. IHC is an Oregon company controlled by John Hui – the co-founder of eMachines.
John Hui had this to say:
“I am very excited to become involved with InFocus and to assist in further positioning the company for its long term potential. I associate significant value with the InFocus brand and with the company’s extensive network of channel partners. I look forward to working with InFocus management and building on the company’s innovative history and product leadership to return the company to a dominant position in the industry.”
It’s a guessing game whether this sale will ultimately help InFocus’s position in the marketplace. It’s a tough market out there with plenty of competitors all vying for a shrinking pool of buyers.
BTW – anyone else shocked at how low InFocus was worth on paper?? Ouch.
