Baldwin agrees to $16.1 mln takeover, seeks other bids


Baldwin Technology (NYSE:BLD) said Friday it agreed to a $16.1 million takeover by investment firm Forsyth Capital Investors, but intends to actively solicit higher bids. 

Baldwin is a newspaper and commercial web printing company. Its products include cleaning systems, fluid management, ink control systems and Web press protection systems, among others.

Under the agreement, Baldwin’s stakeholders will get 96 cents in cash for each Class A or Class B share they own, reflecting a 104 percent premium of Baldwin’s Thursday closing stock price of 47 cents, the company said.

The transaction is subject to adjustment at closing that includes cash balances as well as aged accounts payable of $1.8 million, but won’t be less than 90 cents.

Shares of the newsprint technology firm soared 92.21 percent reaching 90.3 cents each on Friday’s trading session in New York. 

Baldwin's chief executive, Mark Becker said: "The transaction will improve Baldwin's financial strength and enable it to continue to operate effectively in its current markets and beyond."

The merger, which Baldwin’s board of directors unanimously approved, permits the company to solicit and enter into negotiations from alternative proposals until January 28, 2012.

If there is no superior offer, the transaction is expected to close in the second quarter of 2012, subject to customary approvals and closing conditions.

Quick facts: Baldwin

Price: 194.91 USD

Market: NYSE
Market Cap: $6.44 billion

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