Court Approves Presstek Bid to Acquire A.B.Dick Company
Press release from the issuing company
HUDSON, N.H., Nov. 3 -- (See more WTT analysis tomorrow) -- Presstek, Inc., a leading manufacturer and marketer of environmentally responsible high tech digital imaging solutions for the graphic arts and laser imaging markets, today announced the approval of its bid to acquire A.B.Dick Company.
In July 2004, A.B.Dick filed for Chapter 11 bankruptcy protection. At the same time, Presstek entered into an asset purchase agreement with A.B.Dick pursuant to which Presstek would acquire A.B.Dick's business and assets through U.S. Bankruptcy Code Section 363 asset sale provisions.
Presstek's Chief Financial Officer Moosa E. Moosa said, "Presstek's bid, valued at approximately $40 million, was accepted by A.B.Dick and approved by the U.S. Bankruptcy Court today. The transaction is expected to close on November 5, 2004."
Presstek's President and Chief Executive Officer Edward J. Marino said, "We are delighted that our bid for A.B.Dick has been successful. A.B.Dick is a company with a solid reputation and long tradition of service and support to its customers. As we work to integrate Presstek's high technology business with A.B.Dick's market leading organization, our goal will be to form a solid customer-oriented, printing-solutions company. We are looking forward to a bright future together delivering valuable solutions to our customers to help their businesses prosper."
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