Date: Aug 13, 2015 Author: Andy Giegerich Source: bizjournals (
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The third major Portland-area company sale in the last four days will shift control of a long-time tech outfit to a Chinese partner.
Planar Systems (Nasdaq: PLNR) was sold to Leyard Optoelectronic Co. Ltd., which makes LED display products and ancillary systems. Planar specializes in display and digital signage technology.
Planar's products include an app that allows clients to control digital displays from an iPhone or iPad.
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Planar's products include an app that allows clients to control digital displays from an… more
Planar Systems
In the "definitive merger agreement," Leyard will acquire Planar's common stock for $6.58 a share, or some 42 percent above the company's Wednesday close. Leyard paid $156.8 million for Planar, a company that collected $179 million during its most recent fiscal year.
Planar's board unanimously approved the merge, which Leyard sought to expand its position beyond China.
Gerry Perkel, Planar's president and CEO, said the transition marks a 51 percent premium based on a seven-day volume-weighted average price for Planar's common stock.
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The move "will position the Planar business for continued growth and innovation."
There was no immediate word how the sale would affect the Beaverton company's 300 employees.
BofA Merrill Lynch was the financial advisor and Perkins Coie LLP served as legal advisor to Planar on the deal. The transaction is expected to close in 2015's fourth calendar quarter.
Planar has experienced a solid year, especially in the early going. It's on pace to boost overall revenue by 17.6 percent.
The company's shares were up to $6.23, or 34 percent, in early Thursday trading.
