Teledyne Technologies Inc. (TDY: Quote) and LeCroy Corp. (LCRY: Quote) jointly announced that they have entered into a definitive agreement that provides for the merger of LeCroy with a wholly-owned subsidiary of Teledyne. Pursuant to the transaction, Teledyne will buy all of the outstanding common shares of LeCroy for $14.30 per share payable in cash.
The aggregate value for the transaction is around $291 million, taking into account LeCroy's stock options, stock appreciation rights and net debt as of March 31, 2012. The transaction was unanimously approved by the boards of directors of Teledyne and LeCroy. Besides, LeCroy directors and executive officers, including founder Walter LeCroy, have agreed to vote their shares in favor of the transaction.
Thomas Reslewic, president, chief executive officer and director of LeCroy, said, "This transaction provides a substantial premium for our shareholders and provides exciting opportunities for our customers and employees. We believe Teledyne can help us accelerate our high-end oscilloscope programs to deliver real-time bandwidth well beyond 100GHz by utilizing Teledyne's leading InP technology. Furthermore, through a combination of Teledyne's microwave and mixed signal design capabilities with LeCroy's signal processing expertise, as well as our respective market channels, we envision growing our markets and adding new products such as signal generators and multi function instruments."
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by RTT Staff Writer
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