Dixon Ticonderoga announced on 17 December that it has agreed to be taken over by privately held Italian rival Fila-Fabbrica Lapis ed Affini, in a cash deal valued at $22.5 million.
The sale process, which began in January, is based on an estimated 3.2 million outstanding Dixon shares valued at $7 per share.
Milan-based Fila has its strongest foothold in European and African markets, and the company is currently leader in school products for drawing, colouring and modelling.
Its CEO Massimo Candela said in a statement: "This transaction is an example of our commitment to growth, even in a highly competitive market such as America."
Dixon’s co-CEO Richard Joyce added: "It is apparent that Dixon’s manufacturing consolidation and restructuring efforts, systems investments and aggressive marketing, and sales efforts these past few years have not gone unnoticed within our industry. It is not surprising that we would be viewed as a significant enhancement to Fila’s global strategy."
Heathrow (FL)
