Teledyne Technologies and Micropac Industries jointly announced that they have entered into a definitive merger agreement that provides for the merger of Micropac with a wholly-owned subsidiary of Teledyne.
Pursuant to the terms of the merger, Teledyne will acquire all of the issued and outstanding common shares of Micropac for $20 per share payable in cash, without interest and subject to required withholding taxes. The all-cash transaction values Micropac at approximately $57.3 million, taking into account Micropac’s net debt as of August 24, 2024.
The deal was unanimously approved by the Boards of Directors of Teledyne and Micropac, acting upon the recommendation of a special committee established by Micropac’s Board and comprised of independent directors. And stockholders of Micropac holding approximately 75% of the outstanding shares of common stock have approved the merger agreement by written consent, and the transaction is expected to close by the end of the year, subject to customary closing conditions.
Micropac, launched in1963, designs and manufactures microelectronic circuits, optoelectronic components, and sensor and display assemblies, primarily for military, aerospace, and medical applications.
Mesirow Financial is acting as financial advisor to Micropac, and Haynes and Boone, LLP is serving as legal counsel to Micropac. McGuireWoods LLP is serving as legal counsel to Teledyne.
KEY QUOTES:
“We will be delighted to welcome Micropac and its employees to the Teledyne family. Micropac’s products are complementary to our own, and we serve common customers in defense, space and healthcare markets.”
- Robert Mehrabian, Executive Chairman of Teledyne
“Micropac is proud to be joining Teledyne, and we view the combination as a natural next step in Micropac’s evolution. We are looking forward to leveraging Teledyne’s additional market reach and technical capabilities, while maintaining the Micropac name and continuing to operate from our new state-of-the-art facility in Garland, Texas.”
- Mark King, Chairman, President and Chief Executive Officer of Micropac
