THOUSAND OAKS, Calif. (AP) -- Teledyne Technologies Inc., a supplier for the defense and aerospace industries, is purchasing LeCroy Corp. for about $240 million in cash to expand its product portfolio.
Teledyne said Tuesday that it will pay $14.30 for each share of LeCroy. This is a 57 percent premium to LeCroy's Friday closing price of $9.14. LeCroy has about 16.8 million outstanding shares, according to FactSet.
LeCroy shares jumped $5.05, or 55 percent, to $14.19 in premarket trading Tuesday. Teledyne stock was unchanged before the bell.
The companies value the transaction at about $291 million, which includes LeCroy's stock options, debt and stock appreciation rights, bonuses for employees based on the change in a company's stock price, as of March 31.
Teledyne, which is based in Thousand Oaks, Calif., makes instruments and imaging products. LeCroy, based in Chestnut Ridge, N.Y., supplies scientific instruments that help engineers test electronic devices. Its products serve industries including military and aerospace, chip-makers, autos and computers.
Both companies' boards unanimously approved the buyout.