Teledyne and Micropac announce definitive merger agreement

Teledyne (TDY) Technologies and Micropac Industries jointly announced that they have entered into a definitive merger agreement that provides for the merger of Micropac with a wholly-owned subsidiary of Teledyne. Pursuant to the terms of the merger agreement, Teledyne will acquire all of the issued and outstanding common shares of Micropac for $20.00 per share payable in cash, without interest and subject to required withholding taxes. The all-cash transaction values Micropac at approximately $57.3 million, taking into account Micropac’s net debt as of August 24. The transaction was unanimously approved by the Boards of Directors of Teledyne and Micropac, acting upon the recommendation of a special committee established by Micropac’s Board and comprised of independent directors. Stockholders of Micropac holding approximately 75% of the outstanding shares of common stock have approved the merger agreement by written consent, and the transaction is expected to close by the end of 2024, subject to customary closing conditions. Mesirow Financial is acting as financial advisor to Micropac, and Haynes and Boone is serving as legal counsel to Micropac. McGuireWoods is serving as legal counsel to Teledyne.