Planar Acquired By Chinese LED Firm Leyard

 

leyardwall

The blending of LED and display technologies and companies continues.

Specialty, high-end display panel maker Planar Systems has been acquired by the Chinese high-end indoor LED firm Leyard Optoelectronic Co., Ltd.

The companies have entered into a definitive merger agreement, that would see a U.S. affiliate of Leyard acquire all of the common stock of Planar for a purchase price of $6.58 per share. The merger values Portland, OR-based Planar’s equity at approximately $156.8 million on a fully diluted basis.

The transaction, says a news release, is subject to specified closing conditions, including approval by the shareholders of both Planar and Leyard, and antitrust and other government clearance.

The acquisition adds to Leyard’s existing range of display products and enables the company, based in Beijing, to expand its position outside the Chinese market.

Says the news release:

Planar’s board of directors has unanimously approved the merger agreement and recommends that its shareholders vote to approve the merger agreement. Planar expects to hold a special meeting of its shareholders to consider and act upon the proposed merger as promptly as practicable. Details regarding the record date for, and the date, time and place of, the special meeting will be announced when finalized.

Victor Li, Chairman of Leyard, said, “We believe that Planar and Leyard complement each other and that this acquisition will create significant synergies. We intend to strongly support the continued growth of the Planar business, with standalone management, under the broader Leyard umbrella. This acquisition demonstrates Leyard’s ongoing commitment to expanding its global presence. The combination of Planar’s strong customer relationships, respected product offerings, and history of innovation across the organization, together with Leyard’s market leading position in emerging video wall technologies create inspiring solutions for customers.”

Gerry Perkel, Planar’s President and Chief Executive Officer, said, “I believe this transaction represents an outstanding opportunity for our shareholders, employees and customers. The acquisition by Leyard will provide our investors with a 42% premium to market based on our latest closing price and a 51% premium based on a seven day volume-weighted average price of Planar common stock of $4.35, and will position the Planar business for continued growth and innovation.”

Assuming conditions are met and approvals given, the deal should close in Q4.

planarleddse

 

Planar has been around for more than 30 years and has in the last few years carved out a marketplace position delivering super high quality video walls, large format LCD displays, interactive touch screen monitors and many other solutions. The company was showing tight pixel pitch LED product at recent trade shows, and I’m thinking that was likely Leyard product.

 

Leyard designs, produces, and distributes a range of LED display products and its ancillary systems worldwide. It does indoor, outdoor, fixed and creative LED displays that are used in various applications, such as sports, advertisement, concerts, shopping malls, stadiums, exhibitions and other indoor and outdoor events. Leyard was among the first showing up at trade shows with sub 2 mm pixel pitch LED walls, which from juts steps back rival the clarity of LCD.

 

You may recall a few months ago, just prior to DSE, Samsung bought Utah-based YESCO, adding LED to its LCD-centric display line.

Dave Haynes

Dave Haynes

Editor/Founder at Sixteen:Nine
Dave Haynes is the founder and editor of Sixteen:Nine, an online publication that has followed the digital signage industry for more than a decade. Dave does strategic advisory consulting work for many end-users and vendors, and also writes for many of them. He's based near Toronto.
Dave Haynes

@sixteennine

Decade-old blog about digital signage and related tech, written by industry consultant and shit-disturber Dave Haynes.
RT @StudioHaloLA: Looking for freelance motion graphics / after fx people to help out in the next weeks on some overflow - let me know if y… - 2 days ago
Dave Haynes