Palm Beach, FL 4/9/12 (StreetBeat) -- Industrial and healthcare conglomerate Danaher Corp (NYSE:DHR) said it will buy X-Rite Inc (Nasdaq:XRIT), which owns the Pantone color measurement system, for $467.8 million.Danaher's offer values X-Rite at $5.55 a share, a 39 premium to the stock's last closing price. Including assumed debt, the total enterprise value of the deal is about $625 million.
The companies said they expect the deal, which has the support of X-Rite shareholders representing 68 percent of the voting power, to close in the second quarter.
Washington-based Danaher said it would roll X-Rite into its product identification unit, which makes equipment used in packaging consumer products. When Danaher in January reported better-than-expected earnings, it told investors that pricing for the small, "bolt-on" acquisitions that Chief Executive Larry Culp is most interested in was becoming more attractive.
X-Rite shares, down 15 percent in the year leading up to the deal announcement on Tuesday, rose $1.54 to $5.54 in premarket trading. Danaher shares had not yet traded.
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