Matthews Swings $577M Deal to Obtain Schawk Inc.
CHICAGO—Pittsburgh-based Matthews International has reached a deal to obtain Schawk Inc. for about $577 million, the Pittsburgh Business Times reported.
As part of the deal, Schawk shareholders will receive $11.80 in cash and 0.20582 shares of Matthews stock for each Schawk share. The deal has been approved by the Schawk family and family trusts, which make for roughly 61 percent of the company's shares.
The transaction is expected to close by September.
Matthews International is a marketing services and memorialization company. It provides cemetery and funeral home products, as well as brand solutions. Matthews posted $985.3 million in sales for its latest fiscal year.