Toronto-based audio and video-processor Leitch Technology Corp. (Leitch) announced on September 5, 2000 that it has agreed to acquire Markham, Ontario-based Digital Processing Systems Inc. (DPS) for a total of $86.5 million to strengthen its core video business and enhance its video storage and editing portfolio. DPS manufactures hardware and software for broadcast-quality audio and video. Leitch will offer total compensation equivalent to $6.50 per DPS share comprised of cash and Leitch common stock.
Torys is acting for Leitch in the deal with a team that includes Kevin Morris, John Emanoilidis, Jim Turner and David Chaikof in Toronto and Andrew Beck in New York. Heading the team of lawyers for Leitch is Salil Munjal, Vice-President and General Counsel of Leitch. John Stransman and Robert Nicholls head a team from Stikeman Elliot who are representing DPS.