Japan's Brother Industries to buy Domino Printing for $1.55 bln (updated)
11/03/2015 08:07
(Adds details)
March 11 (Reuters) - Barcode-printer maker Domino Printing
Sciences Plc DOPR.L said it agreed to be bought by Japan's
Brother Industries Ltd 6448.T for about 1.03 billion pounds
($1.55 billion).
The offer of 915 pence per share represents a 27 percent
premium to Domino's Tuesday close of 721 pence. ID:nRSK1219Ha
Brother Industries said it would finance the deal through
debt or existing cash, adding it had a bridge facility with
Citibank and Citibank Japan under which 1.073 billion pounds
would be available for financing the acquisition.
Domino, which makes printers to stamp barcodes and expiry
dates on food items, beverage cans and medicines, will operate
as a standalone division in the combined business, the companies
said.
Domino had warned last June that its 2015 results would be
hurt by pricing pressure in Asia and other developing markets
and higher research and development expenses. ID:nL4N0P51DH
Brother Industries makes equipment ranging from sewing
machines and printers to online karaoke systems.
Citi acted as financial adviser to Brother Industries, while
Rothschild was Domino's financial adviser on the deal.
($1 = 0.6637 pounds)
(Reporting By Mamidipudi Soumithri in Bengaluru; Editing by
Anupama Dwivedi)
((soumithri.mamidipudi@thomsonreuters.com; within UK +44 20
7542 1810, outside UK +91 806 749 6831; Reuters Messaging:
venkateshasoumithri.mamidipudi.thomsonreuters.com@reuters.net))
Keywords: DOMINO PRINTING M&A/BROTHER IND