Danaher Buying Tektronix
WASHINGTON, D.C. and BEAVERTON, Ore., Oct. 15, 2007 -- Danaher Corp. announced today it will expand its Electronic Test business segment by acquiring Tektronix Inc. for $2.8 billion in cash.
The board of directors of Beaverton-based Tektronix has unanimously recommended that its shareholders accept and tender their shares into the offer of $38 per share, which represents a premium of approximately 34 percent over the company's closing price on Friday.
With annual revenues of approximately $1.1 billion, Tektronix supplies test, measurement and monitoring products to the communications, computer, semiconductor and consumer electronics industries. Under the deal, Tektronix will become part of Danaher’s Electronic Test platform, joining its Fluke and Fluke Networks businesses and nearly doubling the platform’s revenues, Dahaher said.
Washington-based Danaher manufactures professional instrumentation, medical technologies, industrial technologies and tools and components under its numerous businesses. The company acquired seven businesses in the first six months of 2007 and 11 in 2006.
"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. We have long admired Tektronix's product innovation and excellent reputation. We are very pleased to welcome Tektronix's management team and associates to Danaher," said Danaher President and CEO H. Lawrence Culp Jr.
The deal is subject to customary conditions and regulatory approvals and is expected to be completed in the fourth quarter of 2007.
For more information, visit: www.danaher.com