Printronix higher, goes private

Printronix Inc. (Nasdaq: PTNX) will be purchased by private equity firm Vector Capital for $107.2 million, the maker of printing products announced before the start of trading.

Under the terms of the agreement, which has been approved by Printronix’s board, stockholders will receive $16 for each share of the Irvine, Calif.-based company. That’s a premium of about 18.3% over Printronix’s closing price of $13.52 on Monday.

“We believe this transaction delivers outstanding value for our stockholders, and better positions the company to succeed in the global printer market,” said CEO Robert Kleist in a statement.

Mr. Kleist and other members of Printronix’s senior management will stay on after the transaction is finalized and are expected to own approximately 9.9% of the company.

At 3:30 p.m. ET, Printronix (PTNX) shares had gained $2.03, or 15%, to $15.55. Over the last 52 weeks, shares have ranged between $12.71 and $31.48.

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