InFocus entertains new last minute buyout offer
updated 04:45 pm EDT, Thu April 23, 2009
New InFocus buy-out offer
Last week's announcement by projector manufacturer InFocus that it is getting bought out by Image Holdings Corporation (IHC) for $39 million may have been premature, according to a Thursday Twice report. InFocus' board of directors said late on Wednesday that it received a last-minute take over proposal, but did not reveal the name of the new suitor. Little other information about the new deal was revealed, other than that the InFocus board will discuss the new offer, but still support the existing offer.
Maker of the original bid, eMachines’ co-founder John Hui, has been informed by InFocus about the new proposal, as have the company's investors.
At the time, IHC's bid of nearly $39 million represented a significant premium over InFocus' stock price, at 36% over the price of the previous day's trading, and a 90% premium over a 30-day average closing price.
