Business News
Gerber Scientific, Inc. Announces Take-Up of Additional Shares of Virtek Vision International Inc. and Commencement of Compulsory Acquisition
Tuesday 04. November 2008 - Gerber Scientific, Inc. ("Gerber") (NYSE:GRB) and Virtek Vision International Inc. ("Virtek") (TSX: VRK) jointly announced today that shareholders holding an additional 1,780,024 common shares of Virtek have accepted the offer dated September 12, 2008, as extended on October 21, 2008 (the "Offer") and tendered such shares pursuant to the Offer. Gerber has taken-up such additional shares. Shareholders holding 33,373,875 Virtek common shares, representing approximately 93% of the outstanding Virtek common shares, have accepted the Offer.
Since Gerber’s offer was accepted by holders of more than 90% of Virtek`s common shares, Gerber is now exercising its right under the compulsory acquisition provisions of the Business Corporations Act (Ontario) to acquire all outstanding common shares not already beneficially owned by it on the basis of $1.05 cash per common share. Further details are provided in Gerber’s Notice of Compulsory Acquisition, which will be made available on SEDAR at www.sedar.com.
Upon completion of the compulsory acquisition, Gerber intends to de-list the Common Shares from the Toronto Stock Exchange and to cause Virtek to cease to be a reporting issuer.