WILSONVILLE, OR--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.
“After an extensive review of strategic alternatives with InFocus management and our financial advisors, we determined this all cash sale of InFocus to IHC provides the best value for InFocus shareholders,” said Michael Hallman, the lead independent member of the InFocus board of directors.
“In addition to delivering compelling value to our shareholders, the partnership with IHC also creates clear benefits for InFocus customers, suppliers and employees,” said Bob O’Malley, the president and CEO of InFocus. “John Hui understands the technology industry and will assist InFocus in the execution of its strategy. Operating as a privately held company is expected to reduce our costs and facilitate our ability to focus on longer-term priorities. While this is a very big step for InFocus internally, our commitment to delivering innovative projection solutions has not changed.”
“I am very excited to become involved with InFocus and to assist in further positioning the company for its long term potential,” said John Hui, the controlling shareholder in IHC. “I associate significant value with the InFocus brand and with the company’s extensive network of channel partners. I look forward to working with InFocus management and building on the company’s innovative history and product leadership to return the company to a dominant position in the industry.”