Checkpoint Systems is being acquired by an affiliate of CCL Industries Inc., a provider of specialty label and packaging solutions for global corporations, small business and consumers.
“The transaction has been done for $10.15 per share in cash, for a total transaction value of approximately $443 million,” a press release from Checkpoint said.Checkpoint Systems is being acquired by an affiliate of CCL Industries Inc., a provider of specialty label and packaging solutions for global#
The purchase price represents a premium of 29 per cent over Checkpoint's closing share price on March 1, 2016, and a 50 per cent premium over the 30-day volume-weighted average price.
Checkpoint's board of directors has unanimously approved the merger agreement and has recommended that its shareholders vote to approve the merger agreement.
Checkpoint expects to hold a special meeting of its shareholders to consider and act upon the proposed merger as promptly as practicable.
“This transaction represents a highly attractive premium for Checkpoint's shareholders,” said Checkpoint Systems president, George Babich.
“Checkpoint will be able to invest in and grow its industry leading hardware, software and consumables to create a unique offering,” Babich added.
In connection with this transaction, Morgan Stanley & Co. LLC is serving as financial advisor and Latham & Watkins LLP and Stradley Ronon Stevens & Young, LLP are serving as legal counsel to Checkpoint.
Checkpoint will file with the Securities and Exchange Commission a report on Form 8-K regarding the transaction, which will include the merger agreement.
Checkpoint Systems is a provider in merchandise availability solutions for the retail industry, encompassing loss prevention and merchandise visibility.
Checkpoint provides end-to-end solutions enabling retailers to achieve accurate real-time inventory, accelerate the replenishment cycle, prevent out-of-stocks and reduce theft.
Checkpoint's solutions are built upon 45 years of radio frequency technology expertise, innovative high-theft and loss-prevention solutions, market-leading RFID hardware and software. (AR)
Fibre2Fashion News Desk – India
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