A map showing ARC locations around the world, from ARC's website
By Ed Avis
ARC logo
After almost two decades as a public company listed on the New York Stock Exchange, ARC became a private company once again on November 21. The shareholders approved a merger agreement with TechPrint Holdings, LLC at a special meeting of stockholders that day, and ARC is now a wholly owned subsidiary of TechPrint Holdings.
As a result of the merger, ARC's common stock will be delisted from the NYSE, and the company will deregister its securities and suspend reporting obligations with the SEC.
The voting results for the merger agreement proposal showed strong support, with 31,274,519 votes in favor, 1,455,989 against, and 889,538 abstentions.
ARC shareholders will receive $3.40 per share in cash, excluding shares held by the company, Parent, or certain other parties. The transaction is valued at approximately $240 million.
TechPrint Holdings consists of ARC CEO Kumarakulasingam "Suri" Suriyakumar, COO Dilantha Wijesuriya, CFO Jorge Avalos, CTO Rahul Roy, a private investor named Sujeewa Sean Pathiratne, and others.
ARC, which rolled up dozens of leading reprographic firms in the 1990s, had been a public company since 2005.
For some background, here are three previous articles about ARC's go-private move:
ARC Sets Date for Go-Private Vote, But Stock Price Exceeds Offer