Thousand Oaks, CA and Waterloo, ON, Canada--A wholly owned subsidiary of Teledyne Technologies Incorporated (NYSE: TDY) is set to acquire digital imaging and microelectromechanical systems (MEMS) specialist DALSA Corporation (TSX: DSA). Teledyne will acquire all of the outstanding common shares of DALSA for CAD $18.25 per share payable in cash; the aggregate value for the transaction is approximately CAD $341 million, taking into account DALSA's stock options and net cash as of September 30, 2010.
DALSA's imaging products and services include high-resolution, high-performance CCD and CMOS imaging sensors, electronic digital cameras, and image-processing software for use in industrial machine vision, advanced medical imaging, and high-resolution aerial and satellite imagery. For the twelve months ended September 30, 2010, DALSA had sales of approximately CAD $201 million. As a result of the acquisition, its name will be changed to Teledyne DALSA.
Teledyne produces extreme-resolution IR sensors and subsystems, primarily for government applications; its extensive MEMS research activities and advanced process technologies are expected to augment DALSA's areas of specialty.
"With the acquisition of DALSA, Teledyne is making a substantial commitment to Canada," said Robert Mehrabian, chairman, president and CEO of Teledyne. "We are especially attracted to strong support for research and development and advancement of technology provided by both the Canadian Federal and Provincial Governments of Ontario and Quebec."
The purchase price payable by Teledyne of CAD $18.25 per common share represents a premium of 27.7% over the twenty-day volume weighted average trading price of CAD $14.29 for DALSA common shares on the Toronto Stock Exchange for the period ending December 21, 2010.
If all necessary approvals are obtained and the conditions contained in the agreement are satisfied, DALSA and Teledyne expect that the transaction will close in February 2011. DALSA anticipates declaring a quarterly dividend, consistent with previous practices, prior to the closing date.
For more info, see www.dalsa.com and www.teledyne.com.
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