Aerospace technology giant Teledyne Technologies has signed a definitive agreement to acquire electronic signal analysis firm LeCroy Corporation for a total consideration of US$291m.
Under the terms of the transaction, Teledyne will pay US$14.30 in cash…
Aerospace technology giant Teledyne Technologies has signed a definitive agreement to acquire electronic signal analysis firm LeCroy Corporation for a total consideration of US$291m.
Under the terms of the transaction, Teledyne will pay US$14.30 in cash per LeCroy share, a 57% premium on the closing price of LeCroy’s shares the day before the announcement. LeCroy has approximately 16.82 million shares outstanding.
The transaction was unanimously approved by the boards of both companies and the LeCroy directors and executive officers, including founder Walter LeCroy, have agreed to vote their shares in favour of the deal.
Founded in 1964, LeCroy develops high-performance oscilloscopes, serial data analyzers and global communications protocol test solutions used by design engineers in the computer, semiconductor, telecommunications and military and aerospace markets. For its fiscal year ended July 2011, LeCroy had sales of approximately US$178.1m.
Robert Mehrabian, chairman, president and CEO of Teledyne commented: “LeCroy will broaden our portfolio of analytical instrumentation businesses by adding a leader in electronic test and measurement solutions.”
Stifel Nicolaus Weisel is acting as exclusive financial adviser and Bingham McCutchen and Fish & Richardson are acting as legal counsel to LeCroy. Needham & Co is financial adviser and McGuireWoods legal counsel to Teledyne.
