Printronix shareholders say 'yes' to deal with Vector Capital

By Lisa Kerner

Charlotte, N.C., Dec. 27 - Printronix, Inc. stockholders approved the company's acquisition by Pioneer Holding Corp., controlled by Vector Capital Corp., and Pioneer Sub Corp.

Under the merger agreement, Printronix stockholders will receive $16 in cash for each share owned for a total price of $108 million.

Printronix chief executive officer Robert Kleist and other members of Printronix senior management are expected to own some 9.9% of Printronix after the transaction closes in early January.

Vector is a San Francisco-based private equity firm specializing in buyouts, spinouts and recapitalizations of established technology businesses.

Based in Irvine, Calif., Printronix is a provider of industrial and back-office enterprise printing services.

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