09.01.2005 10:30 AM
Leitch agrees to $450 million acquisition by Harris
Leitch announced yesterday that it has entered into an arrangement agreement with Harris whereby Harris will acquire all of the outstanding common shares of Leitch for a cash price of about $16.00 per share amounting to total consideration of approximately $450 million. This represents a premium of 44 percent over the 20-day volume weighted average trading price.
With non-competing product lines, the combined companies can offer products and systems to serve every segment of the supply chain that brings digital audio, video and data content to consumers.
The transaction is expected to be completed by the end of October and is subject to regulatory approval and acceptance by Leitch shareholders. The Leitch management team is expected to stay with the business.
For more information, visit www.harris.com and www.leitch.com.
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