Lexmark International, Inc. announced the successful completion of the acquisition by a consortium of investors (Consortium) led by Apex Technology Co., Ltd. (Apex) and PAG Asia Capital (PAG). Under the terms of the merger agreement, which was announced on April 19, 2016, Lexmark shareholders will receive $40.50 per share in cash. Legend Capital Management Co. Ltd. (Legend Capital) is also a member of the Consortium.
"We are excited to have completed the transaction, which provides significant cash value to our shareholders, benefits our customers and provides new opportunities for our employees," said Paul Rooke, Lexmark's former chairman and chief executive officer.
"I have had 25 fantastic years at Lexmark, the last six as chairman and chief executive officer," added Rooke. "As the company enters its next phase, it is time for the next generation of leadership to continue the work to ensure Lexmark's industry leadership.
"David Reeder is an extraordinary leader and has spent his entire career in technology. Since joining Lexmark, David has worked closely with me on transforming the business, and I believe he is well equipped to continue Lexmark's transformation for our customers and employees," Rooke said.
"I'm incredibly excited about Lexmark's future," said David Reeder, Lexmark's new president and chief executive officer. "Lexmark has employees across the globe who are truly passionate about technology and helping customers better manage their imaging and output needs.
"We are now uniquely positioned to grow the company in China and greater Asia, along with continuing to deliver industry-leading products and services to customers in other regions of the world. I'm honoured to lead Lexmark into its next phase of opportunities and growth," Reeder added.