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Danaher to Buy X Rite for $479M

Diversified industrial and healthcare technology manufacturer Danaher (DHR) has agreed to buy Pantone owner X Rite (XRIT) for $478.9 million.

Danaher will buy the outstanding shares of X-Rite, a color measurement technology company, at a 39% premium of $5.55 each through a cash tender offer.

Upon close, which is subject to customary closing conditions, X-Rite will be a part of Danaher’s product identification group.

“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,” Danaher executive vice president William Daniel  said in a statement.

Including debt and cash, the deal is worth $625 million, the company said.

X-Rite’s board has unanimously recommended that shareholders tender their shares in the offer. Shareholders representing about 68% of X-Rite’s voting power have already announced their intent to support the deal.

The transaction is slated to close in the second quarter.

Follow Jennifer Booton on Twitter at @Jbooton