Siris Capital to buy Electronics For Imaging for $1.6 billion

Digital printing company Electronics For Imaging Inc said on Monday private equity firm Siris Capital Group LLC would buy the company for about $1.6 billion in cash.

The $37-per-share offer represents a premium of about 26 percent to the company’s closing price on Friday.

The deal, which has been approved by Electronics For Imaging’s (EFI) board, includes a 45-day “go-shop” period, which allows the company to consider alternative offers, it said.

Including debt, the deal is valued at about $1.7 billion.

In its latest reported quarter, EFI’s revenue slid 5 percent on weakness in its key industrial inkjet business, which accounts for more than half of the company’s overall revenue.