InFocus Corporation has entered into a definitive merger agreement with Image Holdings Corporation (IHC), an Oregon company controlled by John Hui, an accomplished entrepreneur and co-founder of eMachines. Under the terms of the agreement, IHC and its wholly owned subsidiary, IC Acquisition Corp. (IC), will make an all-cash tender offer to acquire all outstanding shares of InFocus stock.
The Board of Directors unanimously recommends that InFocus shareholders accept and tender their shares into the offer. 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.
“I am very excited to become involved with InFocus and to assist in further positioning the company for its long-term potential,” says Hui, the controlling shareholder in IHC.