Teledyne Technologies Inc. and LeCroy Corp. jointly announced the successful completion of the acquisition of LeCroy. At a special meeting of stockholders held August 2, 2012, LeCroy stockholders approved and adopted the Agreement and Plan of Merger (the "Merger Agreement"), dated as of May 28, 2012, by and among LeCroy, Teledyne and a wholly-owned subsidiary of Teledyne.
Pursuant to the transaction, effective August 3, 2012, Teledyne acquired all of the outstanding common shares of LeCroy for $14.30 per share payable in cash. The aggregate value for the transaction, excluding transaction costs, was approximately $291 million, taking into account LeCroy's stock options, stock appreciation rights and net debt as of March 31, 2012.
Founded in 1964 and headquartered in Chestnut Ridge, N.Y., LeCroy is a leading supplier of oscilloscopes, protocol analyzers and signal integrity test solutions with approximately 500 employees worldwide. For its fiscal year ended July 2, 2011, LeCroy had sales of approximately $178.1 million. The acquired company will now be included in Teledyne's Instrumentation segment and operate under the name Teledyne LeCroy, Inc.