Posted by Staff on
Tue May 29, 2012 8:40am EDT
(Reuters) - Defense equipment manufacturer Teledyne Technologies Inc (TDY.N) said it would buy LeCroy Corp (LCRY.O) for $240.5 million in cash to strengthen its analytical instrumentation business.
Teledyne, which also makes digital imaging products and engineered systems, said it would pay $14.30 per share, a premium of more than 56 percent to LeCroy shares' Friday close on the Nasdaq.
The total value of the deal is $291 million, including stock options, stock appreciation rights and debt.
LeCroy makes communication protocol analyzers and high-performance oscilloscopes, which are used to measure and analyze complex electronic signals.
The company, with about 500 employees worldwide, had sales of about $178 million in the year ended July 2, 2011.
Needham & Co is the financial adviser to Teledyne, while Stifel Nicolaus Weisel is the adviser to LeCroy.
Shares of Teledyne closed at $59.84 on Friday on the New York Stock Exchange.
(Reporting by Megha Mandavia in Bangalore; Editing by Saumyadeb Chakrabarty, Maju Samuel)