Under the terms of the merger agreement, Lexmark will acquire all of the outstanding shares of Kofax for USD 11.00 per share in cash for a total enterprise value of approximately USD 1 billion, net of cash acquired.
Lexmark will fund the acquisition with its non-US cash on hand and its existing credit facility programs.
Kofaxs Board of Directors has unanimously recommended in favor of the merger agreement. Kofax shareholders, holding approximately 25% of the outstanding shares of Kofax, have signed a voting agreement committing to support the merger.
The acquisition is expected to close in Q2 2015 and is contingent on Kofax shareholder approval, applicable regulatory clearances and other customary closing conditions.
Founded in 1985, Kofax is a US provider of capture-driven process automation services and of smart process applications for the business critical First Mile of customer interactions.
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