Lexmark announces completion of acquisition by Apex Technology, PAG Asia Capital
Lexmark announced the successful completion of the acquisition by a consortium of investors led by Apex Technology Co. and PAG Asia Capital. Under the terms of the merger agreement, which was announced on April 19, Lexmark shareholders will receive $40.50 per share in cash. Legend Capital Management Co. is also a member of the Consortium. The Consortium will maintain Lexmark's corporate headquarters in Lexington, Kentucky. David Reeder, formerly Lexmark vice president and CFO, has been named the company's new president and CEO, succeeding Paul Rooke. Lexmark's Enterprise Software group will be separated from Lexmark and rebranded to Kofax. The Consortium and Lexmark will engage in a process to sell the business while focusing on growing the imaging business, particularly in China and the Asia-Pacific region. Lexmark common stock has ceased trading on the New York Stock Exchange.