Presstek Merger Details Revealed in Proxy

Presstek Inc.’s top three executives could be paid a total of $3.2 million in severance if the proposed sale of the printing equipment manufacturer to the American Industrial Partners private equity firm is completed, according to the preliminary version of a proxy that will eventually be sent to shareholders for their approval.

The deal—with an equity value of $18.7 million—would mean the end of Presstek as a public company, but neither the merger agreement nor the proxy spells out what will happen to the workforce at the Greenwich, CT-based company’s biggest facility in Hudson.

Presstek still needs a majority of outstanding shares