LeCroy Jumps 55% on Takeover by Teledyne Tech

Shares of LeCroy Corporation

are seeing much strength during Tuesday's trading session after the company announced it would be acquired by Teledyne Technologies

. The jointly announced deal states that both companies have entered into a definitive agreement that provides for the merger of LeCroy Corporation with a wholly-owned subsidiary of Teledyne. Pursuant to the transaction, Teledyne will acquire all of the outstanding common shares of LeCroy for $14.30 per share payable in cash. The aggregate value for the transaction is approximately $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. In addition, LeCroy directors and executive officers, including founder Walter LeCroy, have agreed to vote their shares in favor of the transaction. Currently, shares of LeCroy are trading up 55% at 14.21 per share.