Printcafe Considers Bids

Printcafe Software Inc., Pittsburgh, announced late last month that its board of directors had appointed a special committee to consider its "strategic alternatives," including offers for the acquisition of the company.

Buyout bids were placed by Creo Inc., Burnaby, B.C., and Electronics For Imaging (EFI), Foster City, Calif. On January 22, Creo raised its ownership stake in Printcafe from 30% to approximately 55%, acquiring 2.6 million shares of the latter's stock. Creo also asked Printcafe's board to consider an offer to buy all of its available outstanding shares for $1.30 per share. Says Creo chief executive Amos Michelson, the company's proposal is in the best interest of Printcafe shareholders, and that an acquisition could improve the latter's business.

EFI followed up the next day with an unsolicited offer of $2.60 per share for all issued and outstanding Printcafe common stock.

Printcafe says it will evaluate and consider both offers, as well as any other offers it may receive. For now, however, it's "business as usual" for the software company, Printcafe officials report.

Additionally, Printcafe chief executive Marc Olin has been named chairman of the company.