Business News
Gerber Scientific Reaffirms Commitment to Acquire Virtek Vision International, Inc.
Thursday 09. October 2008 - Gerber Scientific, Inc. (NYSE:GRB) ("Gerber") today reaffirms its offer to acquire, through a wholly owned Canadian subsidiary, all of the outstanding shares of Virtek Vision International, Inc. (TSX: VRK) ("Virtek"), a leading provider of high value industrial laser solutions, for C$1.05 per share in cash.
The Board of Directors of Virtek unanimously supports the Gerber offer and recommends to Virtek’s shareholders that they accept it. Gerber’s take-over bid circular containing details of the transaction was mailed to Virtek’s shareholders on September 15, 2008, along with a directors’ circular of Virtek. The deadline for Virtek shareholders to tender their shares to Gerber’s offer is October 21, 2008. The acquisition is fully financed and will be funded through Gerber’s existing $125 million line of credit.
Marc T. Giles, President and CEO of Gerber Scientific, Inc., stated, “Even in these turbulent economic times, we are committed to follow through on our full, fair and final offer for Virtek at our stated price. We believe this transaction is in the best interest of Virtek’s shareholders, employees and customers, and we encourage all of Virtek’s shareholders to tender their shares prior to the deadline.”
Jaguar Financial Corporation (TSX: JFC) (“Jaguar”) announced on September 15, 2008 that it intended to make an offer to acquire all Virtek common shares not already owned by Jaguar for cash consideration of C$1.12 per share, commencing on or about September 30, 2008. To date, no formal offer has been made by Jaguar for Virtek’s common shares and Virtek has stated that Jaguar has not accepted Virtek’s invitation to conduct due diligence of Virtek’s non-public information. Gerber does not believe that Jaguar will make an offer for Virtek’s common shares. According to public reports, Jaguar owns 19.9% of Virtek’s outstanding common shares.
Gerber’s offer is subject to various conditions that must be satisfied prior to take-up and payment by Gerber, including, but not limited to, the valid deposit of not less than 66-2/3% of the outstanding common shares of Virtek (on a fully diluted basis). In the absence of other formal offers, Gerber encourages shareholders to tender their shares by October 21, 2008. Unless 66-2/3% of Virtek’s common shares (on a fully diluted basis) are tendered, Gerber’s offer will expire and no transaction with Gerber will occur.