Digital signage vendor Planar Systems Inc. has completed its merger into Leyard American Corp., a subsidiary of Chinese display company Leyard Optoelectronics Co. Ltd.
Under the all-stock $157 million deal, Planar will be absorbed into Leyard and the stock will be suspended on the Nasdaq Stock Market. Planar will retain its brand name and its Hillsboro, Oregon headquarters, as well as its 250 employees.
Leyard is a maker of light emitting diode (LED) display products and its ancillary systems and is headquartered in the Shenzhen, China.
Once a promising display vendor, Planar has struggled over the past decade with the broad decline in U.S.-based electronic display companies—given the rise of Asian-based display vendors. After the economic crisis in China last summer, the deal appeared in doubt but with shareholder approval the deal has been closed.
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