InFocus (INFS) Enters Agreement to be Acquired by Image Holdings Corp. for $0.95/Share

April 13, 2009 9:35 AM EDT

InFocus® Corporation (NASDAQ: INFS) today announced that it has entered into a definitive merger agreement with Image Holdings Corporation.

Under the terms of the agreement IHC and its wholly-owned subsidiary, IC Acquisition Corp., will make an all cash tender offer to acquire all outstanding shares of InFocus stock at $0.95 per share, or approximately $39 million in total.

The Board of Directors unanimously recommends that InFocus shareholders accept and tender their shares into the offer, which represents a 36% premium over the April 9th closing price of $0.70, the last trading day prior to the agreement, and a 90% premium over the last 30 day average closing price of $0.50. The offer will be subject to the tender of a minimum of 65% of InFocus outstanding shares and other customary conditions, including the absence of any material adverse effect on the InFocus business. The offer and a subsequent merger that will result in InFocus becoming a wholly-owned subsidiary of IHC are expected to close in the second quarter of 2009.

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