Teledyne Tech Acquires LeCroy for $240.6 Million
It was revealed on Tuesday that Teledyne Technologies (NYSE: TDY) will be buying LeCroy (NASDAQ: LCRY) for approximately $240.6 million in cash as TDY make a serious move to expand its test and measurement product offerings.
This deal sees LCRY valued at $14.30, which is a 56% premium on its most recent closing price, obviously a great deal for its shareholders.
Following news of the deal, LCRY shares went up 54.8% to $14.15 in Tuesday premarket trading.
"LeCroy will broaden our portfolio of analytical instrumentation businesses by adding a leader in electronic test and measurement solutions," said Teledyne Chief Executive Robert Mehrabian.
The deal seems like a win-win for the two companies. Mehrabian sees huge benefit is acquiring a company with strength in the high-performance oscilloscope market (a measurement tool used by engineers in telecommunications).
While the deal is in cash, it will also include stock options, stock appreciation rights and net debt worth roughly $50.4 million. TDY closed at $59.84 on Friday.
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