Gradco Systems Agrees to Merge With Ziyad

Gradco Systems Inc. of Irvine said it has entered into a definitive agreement to merge with Ziyad Inc. of Denville, N.J.

The agreement calls for Gradco to pay a total of $11 million in cash plus $11.4 million worth of its common shares to Ziyad shareholders, whose allocations will be either in cash, stock or a combination of the two. The transaction is subject to Gradco and Ziyad shareholder approval.

Ziyad will operate as a subsidiary of Gradco after the merger is completed.

Both companies design and manufacture equipment for office copiers.