CANTON, Ohio - Diebold Inc. announced that it has completed its tender offer for shares of Griffin Technology Inc. The Farmington, N.Y.- based company provides colleges with card technology that allows students to do a number of things - like provide identification, access buildings, purchase meals, and buy books - with one card.
On Oct. 26, Diebold offered to purchase all outstanding shares of Griffin's common stock at $7.75 per share. The offer expired at midnight on Monday, Nov. 27.
Diebold announced that 2,333,982 shares of Griffin stock were tendered and not withdrawn before the expiration of the tender offer. The tendered shares represent approximately 97.77% of all outstanding Griffin stock.
Diebold will acquire the remaining Griffin shares through a cash merger. In the merger, the remaining outstanding shares, other than those held by shareholders exercising appraisal rights, will be converted into the right to receive $7.75 per share.