|
Teledyne is expected to expand its product basket, which include
monitoring and control systems for industries such as oil and
gas exploration and marine research, after the acquisition.
E2V, which makes sensors for cameras and radio frequency
generators for various industries, said Teledyne has offered 275
pence each per E2V share, a premium of 48 percent to the
U.K.-based company's closing price on Friday.
Shares of E2V were up 47 percent at 273 pence per share, just
below the offer premium, implying the company's shareholders
were not expecting a higher bid.
E2V said Teledyne had received acceptances from about 45 percent
of its shareholders, and said the company's board supports the
offer.
The acquisition comes at a time when engineering and technology
companies are seeing increased demand for technologies that help
in averting industrial and environmental disasters such as the
BP Plc oil spill in 2010, a concern for governments worldwide.
In August, auto supplier ZF Friedrichshafen AG said that it was
seeking expansion opportunities in machine learning,
semiconductors and sensor technologies as part of an aggressive
push into autonomous driving and connected cars.
The Climate Corporation, a unit of Monsanto Co, said earlier
this year that it was developing a network of in-field sensors
to expand the scope of farming data flowing into its digital
agriculture platform.
($1 = 0.7946 pounds)
(Reporting by Vidya L Nathan in Bengaluru; Editing by Biju
Dwarakanath)
[© 2016 Thomson Reuters. All rights
reserved.] Copyright 2016 Reuters. All rights reserved. This material may not be published,
broadcast, rewritten or redistributed.
 |
|
