Varex Imaging (VREX) soared over 48% after Teledyne Technologies (TDY) announced it will acquire the X-Ray company in a deal valued at about $1.1 billion. Teledyne shares edged higher, rising within a buy zone.
Teledyne, part of IBD's aerospace and defense industry group, agreed to pay $18.90 per share in cash, a premium of 52% from Varex's closing price on Friday.
Salt Lake City, Utah-based Varex makes X-ray imaging components and software. Its products are used in medical diagnostic imaging, vehicle inspection systems and other areas.
The acquisition bolsters Teledyne's imaging business. In the second quarter, Teledyne's imaging segment recorded $868.7 million in sales, making it the largest of its four segments and more than half of total revenue.
While the two companies serve similar customers, their products are complementary and share minimal overlap, Teledyne Executive Chairman Robert Mehrabian said in the announcement.
#teledyne #varex #Share #products
Teledyne, part of IBD's aerospace and defense industry group, agreed to pay $18.90 per share in cash, a premium of 52% from Varex's closing price on Friday.
Salt Lake City, Utah-based Varex makes X-ray imaging components and software. Its products are used in medical diagnostic imaging, vehicle inspection systems and other areas.
The acquisition bolsters Teledyne's imaging business. In the second quarter, Teledyne's imaging segment recorded $868.7 million in sales, making it the largest of its four segments and more than half of total revenue.
While the two companies serve similar customers, their products are complementary and share minimal overlap, Teledyne Executive Chairman Robert Mehrabian said in the announcement.
#teledyne #varex #Share #products
2 months ago
