Ontario’s DALSA agrees to $341M takeover
CBC News
Shares of Waterloo, Ont.-based DALSA Corp. soared 25 per cent Wednesday after it agreed to a $341-million takeover offer from engineering giant Teledyne Technologies of California.
DALSA in a leader in the design and manufacture of high performance digital imaging products and microelectromechanical systems (MEMS).
The company was founded in 1980 as a spinoff from the University of Waterloo. It has about 1,000 employees worldwide and has annual revenues of $201 million.
In 2008, the Institute for Competitiveness and Prosperity listed DALSA as one of Canada’s 77 global leaders.
Under terms of the deal — which must be approved by DALSA shareholders and regulators — Teledyne will buy all outstanding DALSA shares for $18.25 each — a 26 per cent premium to where they closed on Tuesday. The shares ended the trading day Wednesday at $18.19, up $3.69.
“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,” said DALSA founder and chairman Savvas Chamberlain in a statement.
DALSA’s CEO and current other key management executives are expected to remain with the company.
Once the takeover is finalized, DALSA will be known as Teledyne DALSA.
Read more: http://www.cbc.ca/money/story/2010/12/22/dalsa-teledyne-acquisition.html#ixzz1AqHlILCq
