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Cipher Data to Buy Firm: San Diego-based...

Cipher Data to Buy Firm: San Diego-based Cipher Data has signed a definitive agreement to pay $76.7 million for Irwin Magnetic Systems Inc., an Ann Arbor, Mich., manufacturer of computer data-storage products, Cipher Chairman Gary E. Liebl said. Irwin reported a $1.6-million net profit and $49 million in revenue for the most recent fiscal year. Cipher, which was granted options for 15% of Irwin’s outstanding shares, will initiate a $13-per-share cash tender offer for Irwin’s 5.9 million shares.


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