The purchase share price represents a premium of 31.8 percent over the closing price of PNI Digital Media shares on May 2, on the Toronto Stock Exchange.
The world’s leading retailers rely on the PNI Digital Media software platform to sell millions of personalized products every year including photo prints, photo books, calendars, business cards, documents, wedding invitations, stationery and much more. More than 30,000 retail locations are connected to the PNI Digital Media Platform.
“For years, our retailer partners have used our online, in-store kiosk software and mobile apps to successfully drive millions of orders and in-store visits,” said Kyle Hall, Chief Executive Officer of PNI Digital Media in a press release. “With the support of Staples, we expect to significantly expand the services we offer for our retailers and partners.”
“PNI’s technology gives customers easy access to the best personalized products and related services.” said Damien Leigh, Senior Vice President, Staples Business Services, in a press release. “As a part of Staples, we expect PNI to continue to innovate on an open platform and share their innovations with both their current customers and with Staples’ Business Services division.”
PNI is expected to operate independently and provide improved service for both its customers and partners by leveraging the strength of Staples, one of the world’s largest internet retailers.
PNI expects to continue growing its customer base with Staples’ support while maintaining the necessary resources to consistently meet its customers’ needs.
The transaction will be implemented by way of a statutory plan of arrangement (“Arrangement”) and is subject to customary closing conditions, including approval by PNI shareholders and the approval of the Supreme Court of British Columbia.
The special meeting of PNI shareholders to approve the Arrangement is expected to be held on or about July 8.
Further details on the Arrangement can be found in the Arrangement Agreement and Voting Agreements, which will be publicly filed by PNI with Canadian securities regulatory authorities on SEDAR at www.sedar.com and with the US Securities and Exchange Commission on EDGAR at www.sec.gov