Illinois Tool Works acquired Trident International, Inc. for $115.75 million, a transaction completed in February 10, 1999, structured as All-cash tender offer at $16.50 per share through ITW Acquisition Inc., a wholly owned ITW subsidiary, followed by a second-step merger.
Trident International, Inc. operates in Specialty Systems (industrial ink-jet marking and coding), is based in United States (Brookfield, Connecticut). In January 1999, ITW, through its wholly owned subsidiary ITW Acquisition Inc., launched an all-cash tender offer for Trident International, Inc., a Brookfield, Connecticut maker of piezoelectric impulse ink-jet subsystems, including printheads, inks and other consumables for industrial coding applications such as carton coding, check coding and business-forms imprinting. ITW offered $16.50 per share in cash, valuing the fully diluted equity at roughly $115.75 million. The tender offer expired on February 10, 1999 with approximately 6.34 million shares tendered, after which Trident was merged into an ITW subsidiary and became a wholly owned part of the company.
The acquisition expanded ITW's industrial marking and coding capabilities with Trident's proprietary piezoelectric impulse ink-jet technology, adding printheads, inks and consumables used to print directly onto shipping cartons and other products, complementary to ITW's packaging and industrial businesses.
Advisory firms were not disclosed for this transaction.