Blum asks Electronics for Imaging to return $100 million via dividend

By Lisa Kerner

Charlotte, N.C., Sept. 28 - Electronics for Imaging, Inc. shareholder Blum Capital Partners, LP urged the company to return $100 million to shareholders via a special $2-per-share dividend.

In a letter to Electronics for Imaging on Monday, Blum said it believes the company can return the money "without compromising the company's liquidity, financial flexibility, acquisition strategy or investments for growth."

The $100 million is equivalent to the after-tax proceeds from a real estate transaction Electronics for Imaging closed earlier this year. Blum said it represents "capital that the company would not otherwise have accessed if the transaction had not been consummated."

Blum's letter was included in a schedule 13D/A filed with the Securities and Exchange Commission on Monday.

According to the filing, Blum beneficially owns 4,619,906 shares, or 9.4%, of the Foster City, Calif., digital controller manufacturer's outstanding stock.

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