UPDATE 4-Danaher to buy Tektronix for $2.8 billion

(Adds analyst comments, details, updates stock action)

By Ben Klayman

CHICAGO, Oct 15 (Reuters) - Industrial conglomerate Danaher Corp (DHR.N: Quote, Profile, Research, Stock Buzz) said on Monday it agreed to buy electronic testing company Tektronix Inc TEK.N for $2.8 billion to expand its product line.

Danaher, which also raised its third-quarter profit forecast, said it would pay $38 a share for Tektronix, a premium of 34 percent to Friday's closing price of $28.34 on the New York Stock Exchange.

The deal, approved by Tektronix's board, is expected to close in the current quarter.

The deal would constitute a "fundamental change" under the terms of some Tektronix notes, allowing note holders to convert their notes into cash, the companies said.

Tektronix's shares surged almost 33 percent, while Danaher's stock was off over 1 percent in late morning trading.

"It makes good sense for Danaher because it gives them increased exposure to the Asia Pacific market, which is rapidly growing," Morningstar analyst Tom D'Amore said, citing the marriage of Tektronix's top technology with Danaher's manufacturing efficiency.

D'Amore said the premium Danaher paid for Beaverton, Oregon-based Tektronix was significant, but not exorbitant.