Paxar is owned by
Avery Dennison. Please visit the
Avery Dennisonpage here on Apparel Search for more information.
March 22, 2007 News:
Avery Dennison Corporation (NYSE: AVY) and Paxar Corporation (NYSE: PXR)
today announced that their boards of directors have unanimously approved
a definitive agreement for Avery Dennison to acquire all outstanding shares
of Paxar for $30.50 per share in a cash transaction valued at approximately
$1.34 billion. The transaction is expected to enhance Avery Dennison's ability
to compete and grow in the fragmented, expanding $15 billion-plus global
retail information and brand identification market. Avery Dennison's
Retail Information Services (RIS) business represents one of its fastest-growing
units. RIS provides brand identification and supply chain management solutions
primarily for manufacturers and retailers, including tag and label design
and printing; inventory and shipment tracking; and data management systems.
Under the terms of the agreement, Avery Dennison will purchase each common
share of Paxar for $30.50. Based upon Paxar's closing price of $24.03 on
Thursday, March 22, 2007, this represents a premium of 27 percent. JPMorgan
Chase Bank, N.A. has committed $1.35 billion in acquisition financing and
will also arrange long-term financing.
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