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US regulator begins Apex-Lexmark study

August 2, 2016

The Committee on Foreign Investment will undertake a 30-day review followed by a 45-day investigation into the merger.CFIUS

National Law Review hosted the notice filed by the Committee on Foreign Investment in the United States (CFIUS), which was filed on 15 July and added to by a filing on 25 July from Apex, in relation to the merger between Apex and Lexmark. The notice was “accepted” by CIFUS , with details included on the equity investors PAG Asia Capital and Legend Capital Management, while Apex’ disclosure to the Shenzhen Stock Exchange on 25 July was also referenced.

This disclosure noted that Apex and Lexmark expect the CIFUS review of the case to take 30 days, while a “full 45-day investigation” will take place after that. Lexmark revealed last week that the merger had been approved by its shareholders at a special shareholder meeting, where 70 percent of the “outstanding Lexmark shares were voted”, and of those that did, 99 percent “voted in favour of the merger”.

Lexmark added however that the merger “remains subject to certain regulatory approvals”, such as the CFIUS, as well as “other customary closing conditions”. The merger is expected to be completed in the second half of the year, despite The Recycler reporting earlier this year that Lexmark employees were attempting to block the deal. The OEM had also previously discussed the merger and what it meant, while a host of law firms had started investigations into the deal.

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