CyberOptics Corp., Golden Valley, commenced its previously announced modified Dutch auction tender offer and will purchase up to 1,714,285 shares of its common stock, or up to 20.9 percent of its outstanding shares, at a price range of $8.75 to $10.75 per share. The offer will expire July 29, unless extended by the company.
Digital Angel, Delray Beach, Fla, approved a restructuring primarily focused on its Animal Identification business in South St. Paul. The program will reduce headcount, outsource some manufacturing, exit some facilities, and move some operations to lower-cost countries. The restructuring is expected to be nearly complete by the end of 2008.
Jobs at Digital Angel's corporate office will also be reduced and the headquarters relocated from Delray Beach to the New York City area.
SuperDimension Ltd., Plymouth, has completed a round of private equity financing totaling $22.3 million. SuperDimension is a private company that develops minimally invasive interventional pulmonology devices.DIVIDENDS
Apogee Enterprises Inc., Bloomington, declared a quarterly cash dividend of $0.074 per share, payable on July 30 to shareholders of record on July 15.MERGERS AND ACQUISITIONS
Alliance Benefit Group Financial Services, Corp., Albert Lea, Minn., completed its acquisition of RGS & Associates, Inc., Red Wing. RGS is an employee benefits consulting firm with an emphasis on health care. RGS & Associates, Inc. has changed its name to Alliance Benefit Group of Red Wing.
Best Buy Co. Inc., Richfield, announced the closing of its deal with the Carphone Warehouse Group PLC to expand Best Buy's presence in Europe.
Imation Corp., Oakdale, acquired substantially all of the assets of privately held Xtreme Accessories LLC, (XtremeMac) for a purchase price of $9 million, to be comprised of $7 million of cash paid to XtremeMac plus $2 million of assumed liabilities. There is potential additional consideration up to $10 million payable over a three-year period, contingent on financial performance of the acquired business. The acquisition is not expected to have a material impact on Imation's results of operations in fiscal 2008.NEW BUSINESS
Pentair Inc., Golden Valley, and GE Water & Process Technologies, a unit of the General Electric Co., announced a joint venture to combine their respective global water softener and residential water filtration businesses.PERSONNEL
Wind Energy America Inc., Minneapolis, has added Howard Lapidus to its board of directors. A veteran of the seafood industry, Lapidus owns HL Seafood, Inc., Chaska.