Hirsch International Corp. Completes Acquisition by Paul Gallagher
October 29 2009 - 6:53PM
Business Wire
Hirsch International Corp. (“Hirsch”) (NASDAQ: HRSH,
http://www.hirschinternational.com) announced today the completion
of its acquisition by Paul Gallagher, its President, Chief
Executive Officer and Chief Operating Officer, and certain of his
related parties in a going-private transaction.
Under the terms of the merger agreement for the going-private
transaction, which was approved by Hirsch’s stockholders at a
special meeting held on October 20, 2009, Hirsch stockholders
(other than Mr. Gallagher, certain of his related parties, and
stockholders that properly exercised their dissenter’ rights under
Delaware law), are entitled to receive $0.31 in cash, without
interest and less any applicable withholding taxes, for each share
of common stock they owned immediately prior to the effective time
of the merger. Hirsch expects that its Class A Common Stock will
cease trading on the Nasdaq Capital Market at the close of trading
today and will also be delisted from such market.
Stockholders of record will receive a letter of transmittal and
instructions on how to surrender their shares of Hirsch common
stock in exchange for the merger consideration. Stockholders of
record should wait to receive the letter of transmittal before
surrendering their shares.
About Hirsch International Corp.
Hirsch is a leading provider of equipment and education and
support services to the graphic and decorated apparel industry.
Hirsch exclusively represents the decorated apparel industry’s
leading brands including Tajima embroidery equipment, MHM screen
printing equipment, SEIT textile bridge lasers, Pulse Microsystems
digitizing and design software and now Kornit and Mimaki digital
garment printers. Hirsch’s customer groups include a wide range of
contract manufacturers that outsource their embellishment
requirements; manufacturers who use embroidery, screenprinting,
laser etching or digital printing to embellish their apparel and
fashion accessories; promotional products, uniform, and sportswear
companies; retail stores; and graphic and decorated apparel
entrepreneurs servicing the athletic apparel, corporate logo-wear,
and advertising specialties markets. Hirsch was founded in 1968 and
is headquartered in Hauppauge, N.Y.
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