Gerber Scientific won't raise bid for Virtek

Gerber Scientific Inc. said Wednesday it stands by its offer to buy industrial laser maker Virtek Vision International Inc., and will not increase its bid.

Gerber agreed to buy Virtek on Sept. 5 for 35.1 million Canadian dollars ($33.1 million), or 1.05 Canadian dollars per share. It said it stands by that offer in spite of difficult economic conditions and an announcement by a Canadian investment firm that it will make a bid of its own.

Virtek Vision, which is based in Ontario and Germany, makes lasers used in marking, engraving, inspections and template making. Gerber calculates that buying Virtek would raise its annual revenue by $50 million.

Jaguar Financial Corp. said in September that it plans to offer 1.12 Canadian dollars per share. But Gerber said the company has not performed its due diligence checks on Virtek, and it does not believe Jaguar will make an offer. Gerber said it would not raise its own bid to counter Jaguar's proposal.

The deadline for Virtek shareholders to tender their stock in support of the deal is Oct. 21, Gerber said. It added that Virtek's board supports its offer.

In afternoon trading, Gerber shares slipped 10 cents to $6.23. Earlier, they set a four-year low of $5.72.