Danaher Buys Electronic Test Firm
Washington industrial conglomerate Danaher announced today that it plans to buy electronic test and measurement company Tektronix for $2.8 billion, or $38 a share, a 34 percent premium over Friday's closing price.
The companies said the deal is expected to close later this year, pending shareholder and regulatory approval, and assuming no "material adverse change with respect to Tektronix."
That language is interesting given how material adverse changes is what other buyers cited in walking away from deals involving Sallie Mae and Harman 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," Danaher said in a release.
The company notes further that the "transaction will be a 'fundamental change' under the terms of the indenture governing Tektronix's $345 million aggregate principal amount 1.625% Senior Convertible Notes due 2012, which will entitle the noteholders to convert their notes into a cash amount based on the value of a certain number of common shares to be determined by a formula set forth in the indenture."
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