Lexmark agrees to be acquired by Apex Technology, PAG Asia Capital for $3.6B

Lexmark International has agreed to be acquired by Apex Technology and PAG Asia Capital for $3.6 billion or $40.50 per share. The deal represents a 16 percent premium to its Tuesday closing price of $34.66. Shares of Lexmark gained as much as 12 percent in after-hours trading on the news. Upon closing the deal, Lexmark's common stock will no longer be publicly traded on the New York Stock Exchange. The merger is expected to be completed in the second half of 2016. ‹ A KFC restaurant on
Qianmen street, Beijing, China. China loves KFC ... enough to buy the company Verizon Verizon-Hearst joint venture to buy Complex Media › The company intends to keep its headquarters located in Lexington, Kentucky. Lexmark also said its current chairman and CEO, Paul Rooke, will remain at the helm of the company after the close of the deal. "This is an exciting transaction that Lexmark's Board of Directors believes is in the best interests of our shareholders following an exhaustive strategic alternatives review process to maximize value," said Rooke in a statement. The deal will be funded by debt financing as well as equity contributions from the consortium of Apex, PAG and Legend Capital Management. Christine Wang News Associate RELATED SECURITIES Symbol Price Change %Change LXK 34.66 0.34 0.99% by TaboolaMORE FROM CNBC Why I was paid $99M last year: WPP CEO Larry Fink: This is 'biggest crisis' in the world Cramer: This stock worth buying hand over fist Goldman: Here’s how to make money on Apple shares The $2.5 million bearish bet on Valeant After-hours buzz: CHK, PSTG, SUNE & more