Indigo Up on Buyout Offer from Hewlett-Packard

Author:: TSC Staff
Publish date:: Sep 7, 2001 7:55 AM EDT

Indigo (INDG) was up 6.3% in preopen Instinet trading after Hewlett-Packard (HWP) said it would pay up to $882 million in stock and cash for the industrial printing systems maker.

H-P, which Tuesday made a $25 billion bid for rival PC maker

Compaq

(CPQ)

, already owns a 13.4% stake in Indigo. H-P said it would pay an additional $629 million in stock for the remainder, and would also pay $253 million in cash contingent on Indigo meeting its revenue targets.