LeCroy (Nasdaq: LCRY) shares up over 55% after company agrees to Teledyne takeover

Northern, WI 5/29/12 (StreetBeat) -- Teledyne Technologies (NYSE:TDY), a provider of electronic subsystemsand instrumentation, said this morning that it will acquire LeCroy Corporation (Nasdaq:LCRY) for $291M, including stock options, stock appreciation rights and net debt at March 31. Teledyne will pay $14.30 per share for LeCroy, a supplier of oscilloscopes, protocol analyzers and signal integrity test solutions. LeCroy has approximately 500 employees worldwide and had sales of about $178.1M for the fiscal year ended July 2, 2011. LeCroy may be required to pay Teledyne a termination fee equal to $10.5M and to pay Teledyne’s expenses up to $1M if the merger is terminated.

Stifel Nicolaus Weisel is acting as exclusive financial advisor to LeCroy, while Needham & Company is acting as exclusive financial advisor to Teledyne. Teledyne CEO Dr. Robert Mehrabian says LeCroy will broaden the company's portfolio of analytical instrumentation businesses, while LeCroy CEO Thomas Reslewic believes Teledyne can help the company accelerate its high-end oscilloscope programs to deliver real-time bandwidth well beyond 100GHz. The transaction has been unanimously approved by both boards of directors, and LeCroy directors and officers, including founder Walter LeCroy, agreed to vote their shares in favor of the deal.

LeCroy is up $5.06, or 55.41%, to $14.20 in mid-morning trading. Meanwhile, Teledyne is up 30c, or 0.50%, to $60.14.

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Tuesday’s biggest gaining and declining stocks

Shawshank, VA 5/29/12 (StreetBeat) -- Here are some of Tuesday’s biggest gaining and declining stocks:
Gainers

D.J. LeCroy (Nasdaq: LCRY +55.58%) shares jumped 56%. The firm said on Tuesday that it had agreed to be bought by Teledyne Technologies Inc. for $291 million.

Interline Brands (NYSE: IBI +39.80%) shares rose 42%. The firm said Tuesday that it is being bought by an investor group that includes Goldman Sachs Group Inc. for about $1.1 billion.

Shares of Peabody Energy Corp. (NYSE: BTU +4.81%) added 6.8% on Tuesday. Analysts at Goldman Sachs upgraded the shares to buy, saying the coal producer’s future in China, plus current valuations, make the shares attractive.

Decliners

Vertex Pharmaceuticals Inc. (Nasdaq: VRTX -16.15%) shares fell 19% on Tuesday. Earlier, the biotech firm said that it had revised study results for a recent clinical trial. The company said the trial showed 19% of patients experienced a 10 percentage point improvement or more, well below the 30% it had first seen.

Please contact www.thestreetbeat.com for interest in our latest investor relations platform the “CEO Interview Series” with its host Steve Kanaval. The package includes a one-on-one interview with a seasoned industry professional; published segment to our web site with embedded audio/video file; and a compressed file that can be easily e-mailed out to your current and/or potential investors. Please e-mail bflautt@gmail.com or call (662) 392-0740 for pricing and scheduling.

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