E2V Technologies agrees to Teledyne takeover

12th Dec 2016 08:16

(ShareCast News) - Directors of E2V Technologies have recommended an all-cash takeover by California-based Teledyne at 275p per shares, valuing the imaging and camera technology specialist at £619.6m.The offer came at a 48% premium to the share price at Friday's close and a premium of 32.6% to the volume-weighted average closing share price over the last twelve months.E2V shareholders on the register since 18 November will be entitled to receive and retain the declared interim dividend of 1.7p per share.Teledyne has so far received irrevocable undertakings and letters of intent to vote in favour of the deal from shareholders representing almost 46% of the London-listed company's shares.Neil Johnson, chairman of e2v, said: "Teledyne has recognised the value inherent in our business and prospects by making a cash offer at an attractive premium to the share price."The board of e2v has also considered the merits of being part of a larger, complementary group with enhanced scale and a wider range of capabilities to service its key customers and management and employees having access to the opportunities available in a larger group."