Polaroid being acquired for $426MM

[jmcguckin]

Polaroid to be bought by Petters

Maker of instant cameras and film will be acquired by privately held company for $426 million.
January 7, 2005: 5:09 PM EST

NEW YORK (Reuters) - Polaroid Holding Co., the maker of instant cameras and film, said Friday it would be acquired by Petters Group Worldwide for $426 million in cash.

The deal, which is expected to close in the second quarter, valued Polaroid at $12.08 a share in cash. The company will be a subsidiary of privately held Petters, which also has invested in uBid.com and Fingerhut Direct Marketing.

Since 2002, an affiliate of Petters has been a Polaroid licensee in North America for consumer electronics including DVD players and plasma, and traditional televisions.

[Peter Galea]

Polaroid is only worth 426M? Woe is me.

[Frank Petronio]

Heck, I USED 426 Million worth of Polaroid...

[Bobby Sandstrom]

What does this mean for Type 55???

[Jan Van Hove]

The worrying part in the new release :

Tom Petters, Chairman of Petters Group Worldwide, said, "Polaroid will become a strategic cornerstone along with our unique business model, and attention to our customers needs. This will position us as a global leader in providing consumers with innovative imaging and consumer electronics products at an outstanding value."

And nowhere a single word about keeping the lineup of polaroid films...

PJ...

[Frank Petronio]

Worst case is that they would sell the the film line to Fuji, who would step in to sell the most popular films under a joint name. Given Fuji's and Kodak's relative success compared to Polaroid, they might be a bit harsh when it comes to discontinuing some of the less popular films.

$426 M obviously went for the brand name, not the product sales.

[ISO 2]

"What does this mean for Type 55???"

Ulike Kodak's snap decisions to bail its commitment out of the film industry. hopefully Petters won't create a sticky emulsion out of this takeover. I prefer the sticky P/N 55 too. He did say it was "one of his best ones". The Polaroid name carries a bit more weight than either uBid.com or Fingerphut Direct Marketing..

After years of uncertainty with Polaroid's future, this doesn't change too much.....we just keep on shooting and supporting P/N 55 until we're told bad news in one bleak mid-winter in years to come.