THOUSAND OAKS, CA. and WATERLOO, ONTARIO, CANADA-Teledyne Technologies Inc. and Dalsa Corp. jointly announced the successful completion of the previously announced plan of arrangement (the "Arrangement"). The Arrangement was completed following the approval of the Ontario Superior Court of Justice (Commercial List) and satisfaction of the various conditions precedent to the Arrangement.
Dalsa received the requisite shareholder approvals for the Arrangement at the meeting of its shareholders held on February 10, 2011. The Ontario Superior Court of Justice (Commercial List) granted a final order approving the Arrangement on February 11, 2011. The Dalsa shares will be delisted from the Toronto Stock Exchange on or about February 17, 2011. Dalsa will also apply to cease to be a reporting issuer under applicable Canadian securities laws.
Pursuant to the Arrangement, Teledyne acquired all of the issued and outstanding Dalsa shares for CAD $18.25 in cash for each Dalsa share. The aggregate value for the transaction is approximately CAD $337 million, taking into account Dalsa’s stock options and net cash as of December 31, 2010. In connection with the completion of the Arrangement, Dalsa Corp. was amalgamated, with the resulting entity now named Teledyne Dalsa Inc.
Full details of the Arrangement and certain other matters are set out in the management information circular of Dalsa (the “Information Circular”) dated January 5, 2011. A copy of the definitive agreement, Information Circular, and other meeting materials can be found on the SEDAR website at www.sedar.com.