MIAMI (AP) -- Newspaper equipment maker Quipp Inc. said Thursday it agreed to be bought by Illinois Tool Works Inc. for up to $8.5 million.

 

The price will range from $4.30 per share to $5.65 per share based on adjustments to Quipp's cash and debt holding prior to the deal.

 

Quipp had 1.5 million shares outstanding at the end of September. Based on that, the per-share price amounts to between $6.5 million and $8.5 million.

 

The company said it would not proceed with the transaction if the price falls below $4.30 per share. The company's directors and another shareholder, who have a combined 12 percent of the company, have agreed to vote in favor of the deal.

 

Quipp shares closed at $3 on Wednesday.