Reuters: Mergers News: UPDATE 1-Teledyne to buy LeCroy for $240.5 mln

Reuters: Mergers News Reuters.com is your source for breaking news, business, financial and investing news, including personal finance and stocks. Reuters is the leading global provider of news, financial information and technology solutions to the world's media, financial institutions, businesses and individuals. // via fulltextrssfeed.com

UPDATE 1-Teledyne to buy LeCroy for $240.5 mln May 29th 2012, 12:31 Tue May 29, 2012 8:31am EDT * To pay $14.30/share, a premium of 56 pct * LeCroy's 2011 sales $178 million May 29 (Reuters) - Defense equipment manufacturer Teledyne Technologies Inc said it would buy LeCroy Corp 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. Link this Share this Digg this Email Reprints

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