The definitive agreement signed by Teledyne and the LeCroy Corp. stipulates that Teledyne will pay $14.30 per share for LeCroy. The aggregate value of the deal -- taking into account stock options, stock appreciation rights and debt -- is about $291 million, the companies said.
"LeCroy will broaden our portfolio of analytical instrumentation businesses by adding a leader in electronic test and measurement solutions," said Robert Mehrabian, chairman, president and chief executive officer of Teledyne.
"We are particularly impressed with LeCroy's strength in the market for high-performance oscilloscopes. Furthermore, I am excited about the potential for LeCroy to provide an ideal commercial outlet for our unique Indium Phosphide process technology and ultra-high frequency mixed signal design capabilities developed at Teledyne Scientific Co., our R&D laboratories."
Upon completion of the transaction, which has been approved by the companies' boards of directors, LeCroy will operate as a fully owned Teledyne subsidiary.