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Subject: Kodak to Buy Creo for About $980 Mln Author: KODAK_MOMENT [ Next Thread | Previous Thread | Next Message | Previous Message ] Date Posted: 16:32:56 01/31/05 Mon Kodak to Buy Creo for About $980 Mln Mon Jan 31, 2005 06:15 PM ET Printer Friendly | Email Article | Reprints | RSS (Page 1 of 2) Top News Al Qaeda Vows to Fight on in Iraq Judge: Guantanamo Suspects Have Fair Hearing Rights Jury Selection Starts in Jackson Molestation Case MORE By Franklin Paul NEW YORK (Reuters) - Eastman Kodak (EK.N: Quote, Profile, Research) said on Monday it would buy printing technology firm Creo Inc. (CREO.O: Quote, Profile, Research) (CRE.TO: Quote, Profile, Research) for about $980 million in cash to bolster its strategy to push more aggressively into commercial printing. Kodak, which has been undertaking a transition to digital products as it shifts focus from its flagging traditional film business, will pay $16.50 a share for Creo, whose systems manage images and convert computer files into plates used to print books, magazines and other products. The deal was backed by Creo's board and a dissident shareholder group, which spurred the takeover by launching a proxy battle in October. Shares of Creo closed up $1.82, or 12.7 percent, at $16.18 on Nasdaq on a volume of 15.6 million. In Toronto, the stock rose C$2.18, or 12.2 percent, to C$20.07 on a volume of 7.4 million shares. Kodak shares rose 39 cents, or 1.2 percent, to $33.09 in New York. "(Kodak) will gain access to Creo's 25,000 commercial print customers (and) Creo's software expertise should prove beneficial to Kodak," said Cross Research analyst Shannon Cross. Cross added that the deal eliminates a growing competitive threat that Creo posed to Kodak Polychrome Graphics, a maker of commercial graphics films and plates, Kodak Chief Executive Dan Carp told analysts that, with this deal, the company has "essentially reached the conclusion" of its acquisition plan, under which it earmarked up to $3 billion between 2003, when its strategic shift was announced, and 2006. Creo's management has been under pressure from Goodwood Inc. and Burton Capital Management, who together hold about 6 percent of the Vancouver, British Columbia-based company's shares and have sought to oust Chief Executive Amos Michelson. Goodwood and Burton said on Monday they would back the bid because it met their objective of boosting shareholder value. Creo's stock has climbed 89 percent since the dissidents launched their campaign to overthrow the board and management. [ Next Thread | Previous Thread | Next Message | Previous Message ]