Gerber Scientific To Be Bought By Private Firm

NEW YORK (AP) – Manufacturing equipment maker Gerber Scientific Inc. said Monday it will sell itself to private equity firm Vector Capital Corp. for about $281.8 million.

The deal is valued at $11 per share, a 35 percent premium to Gerber’s closing price on Friday. It has been unanimously approved by the company’s board.

Shares of Gerber leaped $2.74, or 34 percent, to $10.86 in pre-market trading after the announcement. The stock’s year-high was $9.90.

The agreement allows Gerber to solicit alternative proposals through July 25. If the board doesn’t get a better offer, the
acquisition is expected to close later this year. It still requires shareholder approval.

Gerber is based in Tolland, Conn. It makes equipment used for signs, specialty graphics, apparel and optical lenses.

     (Copyright 2011 by The Associated Press.  All Rights Reserved.)

Comments

Leave a Reply

Fill in your details below or click an icon to log in:

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

More From CBS Connecticut

Play for the Knockout Pool to Win $5,000
Play for the Pro Football Challenge to Win $5,000

Listen Live