Teledyne Completes Acquisition of Isco
19 June 2004 - 9:00AM
PR Newswire (US)
Teledyne Completes Acquisition of Isco LOS ANGELES, June 18
/PRNewswire-FirstCall/ -- Teledyne Technologies Incorporated
(NYSE:TDY) announced today that it has completed its acquisition of
Isco, Inc. (NASDAQ:ISKO). The transaction was completed following
the approval by a majority of Isco's shareholders at a special
meeting held on June 15. The transaction, announced on April 8, was
granted an early termination of the waiting period under the
Hart-Scott-Rodino Antitrust Improvements Act of 1976. Under the
terms of the transaction, Teledyne will pay $16 in cash per common
share of Isco. The aggregate consideration for the outstanding Isco
shares will be approximately $96 million (including payments for
the settlement of outstanding stock options and deferred stock
units) or approximately $80 million taking into account Isco's net
cash at April 23, 2004. Teledyne expects the acquisition of Isco to
be accretive to earnings. Teledyne funded the acquisition in
substantial part from borrowings under a new $280 million five-year
credit facility dated June 15, 2004, that was arranged with a
syndicate of banks. This facility replaces Teledyne's prior $200
million credit facility that was set to expire in November 2004.
Process Analytics Consulting LLC served as an advisor to Teledyne
on the acquisition. Teledyne Technologies is a leading provider of
sophisticated electronic components, instruments and communication
products, systems engineering solutions, aerospace engines and
components and on-site gas and power generation systems. Teledyne
Technologies has operations in the United States, the United
Kingdom, Mexico and Canada. For more information, visit Teledyne
Technologies' website at http://www.teledyne.com/. Forward-Looking
Statements Cautionary Notice This press release contains
forward-looking statements, as defined in the Private Securities
Litigation Reform Act of 1995, relating to the company's earnings
and a previously announced acquisition. Actual results could differ
materially from these forward-looking statements. Many factors,
including the company's ability to integrate the acquired product
lines and achieve potential synergies, could change anticipated
results. DATASOURCE: Teledyne Technologies CONTACT: Investors,
Jason VanWees, +1-310-893-1642, or Press, Robyn Choi,
+1-310-893-1640, both of Teledyne Technologies Web site:
http://www.teledyne.com/
Copyright
Isco (NASDAQ:ISKO)
Historical Stock Chart
From May 2024 to Jun 2024
Isco (NASDAQ:ISKO)
Historical Stock Chart
From Jun 2023 to Jun 2024
Real-Time news about Isco (MM) (NASDAQ): 0 recent articles
More Isco (MM) News Articles