TELEDYNE TECHNOLOGIES INC acquired Benthos, Inc. for approximately $40.6 million ($17.50 per share in cash; ~$31.1 million net of Benthos cash at Sept 30, 2005), a transaction completed in January 2006, structured as all cash.
Benthos, Inc. operates in Instrumentation (marine), is based in United States. Benthos, Inc. (Nasdaq: BTHS) was acquired by Teledyne following shareholder approval at a special meeting held January 27, 2006. Teledyne paid $17.50 in cash per Benthos common share, with aggregate consideration of approximately $40.6 million including settlement of outstanding stock options (approximately $31.1 million net of Benthos' cash). Teledyne funded the acquisition primarily from borrowings under its $280 million credit facility.
Marine instrumentation and underwater acoustics products complementary to Teledyne's instrumentation portfolio.
Teledyne Technologies Incorporated (NYSE: TDY) announced today that it has completed its acquisition of Benthos, Inc. (Nasdaq: BTHS) following the requisite approval of Benthos' shareholders at a special meeting held on January 27. Under the terms of the transaction, Teledyne will pay $17.50 in cash per common share of Benthos.Teledyne Technologies press release, January 30, 2006
Advisory firms were not disclosed for this transaction.