Moore Corp. said Wednesday it agreed to acquire Peak Technologies Group Inc., a U.S. bar-code data collection concern, for $210 million.
News of the deal drove up shares of Peak Technology 34.6 percent, or $4.50, to $17.50, in trading on the Nasdaq stock market. Shares of Moore rose 2.5 percent, or 50 cents, to $20.37, on the New York Stock Exchange.
Moore, based in Toronto, is a business forms-maker with 1996 sales of $2.5 billion.
The company said acquiring Peak will allow it to concentrate on the more lucrative high-technology side of the business-forms business.
Peak Technologies, based in New York, had 1996 revenue of $216 million. In the fourth quarter, it lost $16.7 million, reversing a profits of $1 million in the year-earlier period.
Moore will make an offer of $18 a share directly to Peak shareholders. Peak had about 9.2 million shares as of Dec. 31.
The offer is conditional upon the tendering of at least a majority of the Peak shares.
Moore said its first-quarter net income rose 7.2 percent, to $31.6 million, or 32 cents a share, from $29.5 million, or 30 cents,
