Presstek completes purchase of A.B.Dick Company
Nov 8, 2004 3:57 PM, AP staff
PRESS RELEASE
Presstek (Hudson, NH), a manufacturer and marketer of environmentally responsible high-tech digital imaging solutions for the graphic arts and laser imaging markets, has completed its purchase of A.B.Dick Company (Niles, IL).
A.B.Dick filed for Chapter 11 bankruptcy protection in July 2004, at which time Presstek entered into an agreement to acquire the business and assets of A.B.Dick Company. Presstek’s bid was approved by the U.S. Bankruptcy Court on November 3, 2004. The closing price is approximately $40 million and will be paid in cash.
In connection with the transaction, Presstek has also increased its line of credit $50 million to $80 million in order to accommodate the cash needs of this transaction. They currently have no plans to initiate any stock offerings in connection with this acquisition.
For more information, visit www.presstek.com.
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