Layard to acquire Planar Systems
Published: MEA
WORLD: Beijing-based manufacturer of LED products, Leyard Optoelectronic Co Ltd, has entered into a definite agreement to acquire US-based Planar Systems. Subject to regulatory approval and a shareholder vote by Planar, the pending acquisition will reportedly augment Leyard’s existing range of LED display products as well as allow the company to expand outside of the Chinese market.
‘We believe that Planar and Leyard complement each other and that this acquisition will create significant synergies,’ stated Victor Li, chairman of Layard. ‘We intend to strongly support the continued growth of the Planar business, with standalone management, under the broader Leyard umbrella. This acquisition demonstrates Leyard’s ongoing commitment to expanding its global presence. The combination of Planar's strong customer relationships, respected product offerings and history of innovation across the organisation, together with Leyard's market leading position in emerging video wall technologies create inspiring solutions for customers.’
‘I believe this transaction represents an outstanding opportunity for our shareholders, employees and customers,’ offered Planar president and chief executive officer, Gerry Perkel. ‘The acquisition by Leyard will provide our investors with a 42 per cent premium to market based on our latest closing price and a 51 per cent premium based on a seven day volume-weighted average price of Planar common stock of US$4.35, and will position the Planar business for continued growth and innovation.’