D
David L. Jones
Pretty big
http://www.danaher.com/news/news_detail.asp?key=287
"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.
http://www.danaher.com/news/news_detail.asp?key=287
"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.
