WATERLOO, Ont. - Industrial laser company Virtek Vision International Inc. (TSX:VRK) said Friday it has agreed to be acquired by Gerber Scientific Inc. in an offer that values the company at $35.1 million.
Virtek's board of directors said Gerber's offer of $1.05 per share in cash represents an' per cent premium over Virtek's closing price of 89 cents on the Toronto Stock Exchange on Aug. 29, the last full trading day before the bid was announced. It's a 24.5 per cent premium over the volume weighted average price of the shares during the 20-day trading period.
The Waterloo, Ont. based company said it signed the offer after MiTek Holdings Inc. decided not to go ahead with an earlier deal to buy its imaging and templating for $26.5 million.
Earlier this month Virtek had said it received an offer worth $35.1 million, which it considered superior to the MiTek deal, but didn't name Gerber.
Last month, StockerYale dropped a hostile takeover bid for Virtek after too few shares were tendered to the offer.
New Hampshire-based StockerYale had offered 80 cents per share for the company.
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