Friday, May 15, 2009

InFocus Rejects Second Bid On Firm

Wilsonville, Oregon-based InFocus said late Friday that it is recommending that its shareholders accept the acquisition offer by Image Holdings Corporation and IC Acquisition Corp., after evaluating a competing buyout offer. Image Holdings, an investment firm controlled by eMachines founder John Hui, said in April that it would buy InFocus for $39M, but the firm later reported it received a separate, competing offer from an unnamed entity. In explaining the recommendation to accept the first offer, InFocus said that the unsolicited, takeover proposal from the third party would have been subject to the receipt of various foreign regulatory approvals, the availability and timing of which would have been "subject to substantial uncertainties." The firm said the rejection came after "extensive negotiations" with the third firm.