Monday, October 15, 2007

Tektronix Acquired For $2.8B

Danaher Corp., a manufacturer of medical and industrial tools and components, announced Monday that it has agreed to purchase Tektronix, a producer of testing and monitoring devices, for $2.8 billion. Danaher said the cash transaction amounts to $38 per share of Tektronix common stock, which represents a premium of some 34 percent higher than the Oct. 12 closing price of Tektronix stock. Danaher noted that the figure includes debt, transaction costs and net of cash acquired. The Washington D.C.-based company added that Tektronix's board of directors unanimously approved the purchase, which should be completed by Q4 2007. Tektronix is headquartered in Beaverton, Ore.