Teledyne buying LeCroy Corp.

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THOUSAND OAKS, Calif., May 29 (UPI) -- A New Jersey company specializing in oscilloscopes, protocol analyzers and signal integrity test solutions is being taken over by Teledyne Technologies.

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.