"We are excited about the opportunity to acquire two premier brands in X-Rite and Pantone," says William Daniel II, executive vice president of Danaher. "Color measurement is an attractive market adjacent 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 X-Rite Board of Directors has unanimously recommended that X-Rite shareholders accept and tender their shares into the offer. The offer is subject to customary conditions, including tender of a majority of the outstanding shares into the offer (on a fully diluted basis), applicable regulatory approvals and the absence of a material adverse change with respect to X-Rite. Certain shareholders representing approximately 68% of the voting power of X-Rite's outstanding shares intend to tender their shares into the offer. The transaction is expected to be completed during the second quarter of 2012.