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Danaher acquires Tektronix for $2.8B

Posted: 18 Oct 2007 ?? ?Print Version ?Bookmark and Share

Keywords:acquisition? networks? electronics test?

Danaher Corp. and Tektronix Inc. 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, or an aggregate purchase price of approximately $2.8 billion, including debt, transaction costs and net of cash acquired.

The Tektronix board of directors has unanimously recommended that Tektronix shareholders accept and tender their shares into the offer, which represents a premium of approximately 34 percent to Tektronix's closing price on October 12. The offer is subject to customary conditions, including tender of a majority of the outstanding shares into the offer, regulatory approvals, and the absence of a material adverse change with respect to Tektronix. The transaction is expected to be completed in Q4 2007.

Under the terms of the agreement, 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.

"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," said Danaher's president and CEO, H. Lawrence Culp Jr. "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."

Richard H. Wills, chairman of the board, president and CEO of Tektronix, stated, "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."

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