Wednesday, December 10, 2008

InFocus Hires Investment Banker

Digital projector manufacturer InFocus Corp. announced Wednesday that it has retained a San Francisco-based investment banking firm as a strategic advisor. InFocus, which is headquartered in Wilsonville, Ore., said the firm, Thomas Weisel Partners LLC, will help InFocus review some recently received—and unsolicited—acquisition offers. Bob O'Malley, InFocus' president and chief executive, noted that the company's sagging stock price and recent 13D filings precipitated the move. Shareholders in the firm, including Nery Capital Partners, which now owns 11.2 percent of the firm, have stated in the filings that they believe that Infocus is "undervalued and represented an attractive investment opportunity" and sought a discussion with the firm's board. InFocus also reported that it will suspend the stock repurchase plan that it initiated in August. The company had outlined buying back up to 4 million shares of its common stock over a three-year span.