On February 12, 2011, Teledyne Technologies Incorporated (NYSE: TDY) (“Teledyne”) and DALSA Corporation (TSX: DSA) (“DALSA”) successfully completed an acquisition by plan of 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.
Pursuant to the arrangement, Teledyne acquired all of the issued and outstanding DALSA shares for $18.25 in cash for each DALSA share.
The aggregate value for the transaction was approximately $337 million, taking into account DALSA's stock options and net cash as of December 31, 2010.
Teledyne Technologies is a leading provider of sophisticated instrumentation, digital imaging products and software, aerospace and defense electronics and engineered systems.
DALSA, now Teledyne DALSA, Inc., is an international leader in high performance digital imaging and semiconductors. The company is based in Waterloo.
Teledyne was represented by its in-house legal department with a team that included John Kuelbs, Melanie Cibik, Paul Sassalos, George Bobb, Robert Schaefer and David Zoeteway. Counsel to Teledyne in Canada was Fraser Milner Casgrain LLP with a team that included John Sabine, Abbas Ali Khan, Peter Danner and Jessica Palter (securities); Mike Beairsto, Maxime Cloutier, Lee-Ann Gibbs and Charles Bardou (corporate/technology); Matthew Peters and Zahra Nurmohamed (tax); Heidi Clark and Jeff Cormier (financial services); Sandy Walker and Clayton Caverly (competition); Adrian Miedema, Christina Hall, Marie-Noel Massicotte and Sandrine Thomas (employment); Mary Picard and Mark Dunsmuir (pension and employee benefits); Chris Cochlin and Jaime Seidner (customs and export); Sonja Homenuck, Jenette Boycott, Marc-André Godin and Mylany David (real estate); Paul Shantz and Jan-Martin LeBlanc (environmental); J.L. McDougall, Young Park and Chloe Snider (litigation) and Wendy Riel (intellectual property). In the US, counsel to Teledyne was McGuireWoods LLP with a team that included Matthew Hall, Brent Justus; in the Netherlands by Loyens & Loeff N.V. with a team that included Folkert van Cleef, Malu Dijkstra and Klaas Wiersma.
DALSA was represented by Blake, Cassels & Graydon LLP with a team that included Chris Hewat, Stacy McLean, Cynthia Sargeant, Angela Scott and Jacky Sin (securities); Andrew Gordon (corporate); Kathleen Penny and Edward Miller (tax); Jason Gudofsky and Joshua Krane (competition); Elizabeth Boyd (pensions and employee benefits); Cliff Sosnow and David Peaker (export) and Brad Berg and Ryan Morris (litigation).