UK imaging sensor maker e2v Technologies (E2V) has agreed to an all-cash takeover offer worth about £620m from California-based Teledyne Technologies Inc. The offer price of 275p represents a premium of 48.2 per cent to the closing price of 185.5p on the last business day prior to the date of the announcement. e2v said Teledyne had received acceptances from about 45 per cent of its shareholders, and confirmed that the group's board supports the offer.
The attractions of e2v for the American conglomerate are obvious enough when you consider that Teledyne is constantly trying to build its monitoring and control capabilities in the deepwater oil and gas industry, medical imaging, environmental monitoring and other technology-driven industry segments. e2v certainly fits the bill on that score.