InFocus corporation makes a line of digital projectors for the home, office, and education use. The company announced today that it was entering into a merger agreement with Image Holdings Corporation. IHC is an Oregon based company controlled by John Hui, co-founder of eMachines computers.
InFocus has declared that all shareholders accept and tender their shares of the company into the offer. The selling price is $0.95 per share for a total of $39 million, a premium of 36% over what the shares have been trading for.
The deal is subject to at least 65% of the shares of the company being tendered and is subject to customary closing conditions and the absence of any defect from the InFocus business. After the merger InFocus will be a wholly owned subsidiary of IHC and the deal is expected to close in Q2 2009.