Teledyne to buy LeCroy for $240.5 million

Tue May 29, 2012 8:40am EDT

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(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)

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