Wednesday, November 21, 2007

Danaher Buys 90 Percent of Tektronix Stock

Danaher Corp. announced Wednesday that it has acquired more than 90 percent of the outstanding shares of Tektronix Inc. common stock after a subsidiary's subsequent offering period expired Tuesday evening just before midnight Eastern time. Headquartered in Beaverton, Ore., Tektronix produces test, measurement and monitoring products. Danaher, which manufactures medical and industrial tools and components, explained that the subsidiary, Raven Acquisition Corp., extended a subsequent offering after the original offering expired Nov. 15. Danaher said more than 69 million Tektronix shares had been tendered and not withdrawn from the offer prior to the expiration of the subsequent offering period. As a result, Danaher noted, those stockholders will receive the net cash offer price of $38 per share. Danaher added that its subsidiary will employ a short-form merger under Oregon law to acquire the remaining outstanding shares of Tektronix common stock. As part of the action, Raven will merge with and into Tektronix, Danaher said, and Tektronix will become a Danaher subsidiary.