Pretty big news:
"DHR To Acquire Tektronix, Inc. For $38.00 Per Share, Or $2.8 Billion
- Tektronix Board of Directors unanimously recommends acceptance of all-cash offer * Addition of Tektronix would significantly expand Danaher's leading global position in Electronic Test
Washington, D.C. and Beaverton, Ore., October 15, 2007 - Danaher Corporation (NYSE: DHR) and Tektronix, Inc. (NYSE: TEK) today announced they have reached a definitive agreement under which Danaher will make a cash tender offer to acquire all of the outstanding common shares of Tektronix for $38.00 per share. The aggregate purchase price is approximately $2.8 billion, including debt, transaction costs and net of cash acquired.
The Board of Directors of Tektronix has unanimously recommended that Tektronix shareholders accept and tender their shares into the offer, which represents a premium of approximately 34% to Tektronix's closing price on October 12, 2007. The offer is subject to customary conditions, including tender of a majority of the outstanding shares into the offer (on a fully diluted basis but excluding any shares issuable pursuant to the Tektronix Notes), regulatory approvals, and the absence of a material adverse change with respect to Tektronix. The transaction is expected to be completed in the fourth quarter of
2007.With annual revenues of approximately $1.1 billion, Tektronix is a leading supplier of test, measurement, and monitoring products enabling the design, manufacture, and management of next-generation global communications networks, computing and advanced technologies. Tektronix's products and solutions address the needs of industry leaders in the communications, computer, semiconductor and consumer electronics -- as well as military/aerospace, education and a broad range of other industries. Tektronix would become part of Danaher's Electronic Test platform, joining Danaher's Fluke and Fluke Networks businesses, and nearly doubling the platform's revenues. The combined brands are some of the most highly recognized in each of their respective product segments.
Danaher's President and CEO, H. Lawrence Culp, Jr., said, "With its well recognized brand, significant global reach and broad based expertise in providing solutions for end-users in research and product development for high-growth industries we believe Tektronix provides an excellent complement to our existing Electronic Test business. We have long admired Tektronix's product innovation and excellent reputation. Through the application of the Danaher Business System we believe we can continue to deliver strong results in our established businesses and look at attractive adjacent markets for future growth opportunities. We are very pleased to welcome Tektronix's management team and associates to Danaher."
Richard H. Wills, Chairman of the Board, President and Chief Executive Officer of Tektronix, said, "The combination of Danaher and Tektronix enables us to leverage each other's strengths and build on our commitment to long-term growth, innovation and continuous productivity improvement. We believe this is a compelling transaction for Tektronix shareholders and that the combined efforts of Danaher and Tektronix will extend the leadership position we have built in our served markets throughout the world."
Dave.