Teledyne and DALSA complete plan of arrangement

Teledyne Technologies Inc. (NYSE: TDY; Thousand Oaks, CA, USA) and DALSA Corp. (TSX: DSA; Waterloo, ON, Canada) (“DALSA”) have jointly announced the successful completion of the previously announced plan of arrangementfollowing their acquisition announcement in December 2010. The arrangement was completed following the approval of the Ontario Superior Court of Justice (Commercial List) and satisfaction of the various conditions precedent to the arrangement.

DALSA received the requisite shareholder approvals for the arrangement at the meeting of its shareholders held on Feb. 10, 2011. The Ontario Superior Court of Justice (Commercial List) granted a final order approving the arrangement on Feb. 11, 2011. The DALSA shares will be delisted from the Toronto Stock Exchange on or about Feb. 17, 2011. DALSA will also apply to cease to be a reporting issuer under applicable Canadian securities laws.

Pursuant to the arrangement, Teledyne acquired all of the issued and outstanding DALSA shares for CAD $18.25 in cash for each DALSA share. The aggregate value for the transaction is approximately CAD $337 million, taking into account DALSA’s stock options and net cash as of Dec. 31, 2010. In connection with the completion of the Arrangement, DALSA Corporation was amalgamated, with the resulting entity now namedTeledyne DALSA Inc.

Full details of the arrangement and certain other matters are set out in the management information circular of DALSA (the “Information Circular”) dated Jan. 5, 2011. A copy of the definitive agreement, Information Circular, and other meeting materials can be found on theSEDAR web site.

SOURCE:Teledyne DALSA

-- Posted byVision Systems Design