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Pantone to be acquired by Danaher

BY Brae Canlen

X-Rite, Inc., parent company of design industry color provider Pantone, has agreed to be purchased by Danaher through a cash tender offer to acquire all of the outstanding shares of common stock at a purchase price of $5.55 per share. The deal is valued at approximately $625 million, including debt assumed and net of cash acquired.

X-Rite develops, manufactures, markets and supports innovative color solutions through measurement systems, software, color standards and services. Upon closing, X-Rite will be part of Danaher’s product identification group.

"We are excited about the opportunity to acquire two premier brands in X-Rite and Pantone," said William K. Daniel II, executive VP Danaher. "Color measurement is an attractive market adjacency to our existing product identification businesses. X-Rite’s color measurement technologies complement Esko’s digital packaging design capabilities to provide customers with a full range of solutions to meet their packaging and design needs. Along with Videojet and Esko, we believe X-Rite and Pantone will further Danaher’s leading position in the product identification industry and present an attractive value creation opportunity."

The X-Rite board of directors has unanimously recommended that X-Rite shareholders accept and tender their shares into the offer. Certain shareholders representing approximately 68% of the voting power of X-Rite’s outstanding shares intend to tender their shares into the offer. The transaction is expected to be completed during the second quarter of 2012. 

Danaher is a science and technology firm that designs, manufactures, and markets products in a number of industries, including water treatment, commercial petroleum, communications, and dental equipment. Based in Washington D.C., the company generated $16.1 billion of revenue in 2011.

 

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Ken Langone receives Horatio Alger award

BY Brae Canlen

Ken Langone, one of the co-founders of Home Depot, will be awarded the 2012 Horatio Alger Award on April 13 in a ceremony in Washington, D.C. Langone will be one of 12 recipients, along with former Canadian Prime Minister Brian Mulroney and Robert Miller, CEO of Albertson’s supermarkets, to receive the prestigious medallion.

The Horatio Alger Association of Distinguished Americans gives the awards to exceptional individuals who, through courage and dedication, overcome the difficult circumstances they faced early in life and accomplished their goals. The award is also a salute to these individuals’ philanthropic endeavors in their communities, nationally and internationally.

Other previous winners include New York Mayor Michael Bloomberg and Presidents Gerald Ford, Ronald Reagan, Dwight Eisenhower and Herbert Hoover. 

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Home Depot opens big-format store

BY Brae Canlen

Home Depot has opened a 211,000-sq.-ft. “superstore” in Anaheim Hills, Calif., which it describes as “almost twice the size of [a] regular Home Depot.” The unit, situated in an affluent area of Orange County, is an existing store that was remodeled. Among the changes are:

• Expanded bath fixture showroom, including a “shower gallery;”
• More kitchen cabinet options;
• Weber grill showroom;
• Year-round outdoor living showroom;
• Expanded appliance showroom with lifestyle vignettes;
• Expanded hard surface flooring and rug selection;
• Expanded decor showroom; and
• Expanded hardware department  

The store first opened in 2004 in a remodeled 205,000-sq.-ft. former Kmart. The store has multiple entrances, a will-call area for kitchen appliances and other big items, and a drive-through section in lawn and garden. At the time, Home Depot officials said it was not a prototype or pilot store. The same holds true for the latest Anaheim Hills incarnation.

But California has always been a testing ground for new Home Depot formats. The first Expo Design Center opened in San Diego, and in 2003, the Atlanta retailer opened a “his and hers” store in a Los Angeles suburb that featured light beige racking, shiny gray floors and wider aisles. High-end kitchen and bath vignettes greeted customers upfront, while the traditional orange warehouse atmosphere prevailed in back.

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May-01-2012 01:18 pm

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K.STAMBAUGH says:
Apr-16-2012 03:25 pm

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