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Xplore to be bought out by Zebra Technologies at a 48% premium

Xplore Technologies Corp. said Thursday it has agreed to be acquired by Zebra Technologies Corp. in a deal that gives Xplore a market value of about $66.2 million. Xplore shares are halted until 8:30 a.m. ET, while Zebra shares were still inactive in the premarket. Under terms of the deal, Zebra will pay $6 in cash for each Xplore share outstanding, which represents a 48% premium to Tuesday closing price of $4.05. Zebra expects to fund the deal, which it expects will close in the third quarter, with cash on hand and financing under its credit facility. Separately, Xplore reported a fiscal fourth-quarter net loss that widened to $638,000, or 5 cents a share, from $488,000, or 4 cents a share, and revenue that rose 20% to $20.3 million. Xplore’s stock has run up 43% year to date, while Zebra shares have rallied 43% and the S&P 500 has gained 1.5%.

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