Avery-Paxar approve agreement for Avery to acquire Paxar shares
24 Apr '07
1 min read
Avery Dennison Corporation and Paxar Corporation announced on March 22 that their boards of directors had 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.
Avery Dennison and Paxar announced that on April 20, 2007, the Federal Trade Commission and the Antitrust Division of the United States Department of Justice granted early termination of the waiting period applicable to their proposed merger under the Hart-Scott-Rodino Antitrust Improvements Act of 1976.
Early termination of the waiting period concludes the U.S. government's pre-merger antitrust review of the transaction.
The transaction remains subject to Paxar shareholder approval, as well as regulatory approvals in several other countries. The parties believe that they will receive regulatory clearance outside the United States by the end of the second quarter.
Paxar expects to hold its shareholder meeting early this summer, and is preparing the requisite documentation. The parties expect to complete the merger immediately after receipt of the regulatory and shareholder approvals.
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