Shearman & Sterling is advising Leyard Optoelectronic Co., Ltd., a leading worldwide provider of LED display products and ancillary systems, on its definitive merger agreement pursuant to which a US affiliate of Leyard will acquire all of the common stock of Planar Systems, Inc., a global leader in display and digital signage technology, for a purchase price of $6.58 per share. The merger values Planar’s equity at approximately $156.8 million on a fully diluted basis. The transaction is subject to specified closing conditions, including approval by the shareholders of both Planar and Leyard, and antitrust and other government clearance.
Planar is a global leader in display and digital signage technology, providing premier solutions for the world’s most demanding environments. Retailers, educational institutions, government agencies, businesses, utilities and energy firms, and home theater enthusiasts all depend on Planar to provide superior performance when image experience is of the highest importance. Planar video walls, large format LCD displays, interactive touch screen monitors and many other solutions are used by the world’s leading organizations in applications ranging from digital signage to simulation and from interactive kiosks to large-scale data visualization. Founded in 1983, Planar is headquartered in Oregon, USA, with offices, manufacturing partners and customers worldwide.
Leyard designs, produces, and distributes a range of LED display products and its ancillary systems worldwide. Leyard offers indoor, outdoor, fixed and creative LED displays that are used in various applications, such as sports, advertisement, concerts, shopping malls, stadiums, exhibitions and other indoor and outdoor events. It also rents LED displays. Leyard was founded in 1995 and is headquartered in Beijing, China.
The Shearman & Sterling team included partners Chris Forrester (Menlo Park-Capital Markets) and Michael Dorf (San Francisco-Mergers & Acquisitions) and associates Christine Huang (San Francisco-Mergers & Acquisitions) and Yoav Simchoni (San Francisco-Mergers & Acquisitions), as well as partners Richard Hsu (Menlo Park-Intellectual Property Transactions), Larry Crouch (Menlo Park-Tax), and Doreen Lilienfeld (New York-Compensation, Governance & ERISA); counsel Robert LaRussa (Washington, DC-Litigation); associates Ryan Bray (Menlo Park-Tax), Ben Petersen (Menlo Park-Intellectual Property Transactions), Mark Langer (Menlo Park-Intellectual Property Transactions), Kelly Karapetyan (New York-Antitrust), Tasha Matharu (New York-Compensation, Governance & ERISA), and Francisco Cebada (New York-Executive Compensation & Employee Benefit); and head of government relations Lisa Raisner (Washington, DC).