Business Wire: Teledyne and DALSA jointly announce that they have entered into a definitive agreement that provides for the acquisition of DALSA by a wholly-owned subsidiary of Teledyne. 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. That represents a premium of 27.7% over the twenty-day volume weighted average trading price.
Headquartered in Waterloo, Ontario, DALSA has approximately 1,000 employees worldwide. For the twelve months ended September 30, 2010, DALSA had sales of approximately CAD $201 million.
"I view this transaction as a natural evolution for DALSA and a positive development for all DALSA stakeholders including shareholders, employees, executives, local communities, customers and vendors," commented Dr. Savvas Chamberlain, Chairman of the Board and Founder of DALSA. "The decision to be a part of a larger organization recognizes that in order for DALSA to become a billion dollar company, we need to team up with an industry leader with complementary technologies. Finally, as the founder of the company, I am pleased to see DALSA’s name live on, in its new incarnation as Teledyne DALSA."
"Teledyne and DALSA are each acknowledged leaders in digital imaging technology but our product lines and customer bases are almost entirely complementary. For example, DALSA produces among the world’s most advanced visible light imaging sensors and cameras for commercial applications, while Teledyne produces extreme resolution infrared sensors and subsystems primarily for government applications," said Dr. Robert Mehrabian, Chairman, President and CEO of Teledyne. "The combined strengths of Teledyne’s and DALSA’s leading imaging technologies will allow us to develop new infrared and visible light products that serve our respective markets and customers."
The definitive agreement contains a termination fee in the amount of approximately CAD $10.2 million, which is payable by DALSA to Teledyne in certain circumstances if the transaction is not completed. DALSA and Teledyne expect that the transaction will close in February 2011.
Update: EETimes too published an article with some more background about DALSA and Teledyne.