[Satellite TODAY 06-18-10] U.K.-based electronic components and subsystems provider Teledyne has reached an agreement to acquire satellite and microwave systems designer and manufacturer Intelek for approximately 28 million British pounds ($41.4 million), Teledyne announced June 17.
    The deal, closed on June 15, will see Intelek shareholders will receive 32 pence (47 cents) per Intelek share. Intelek said its Board of Directors intends to unanimously recommend that Intelek shareholders accept the offer.
    Teledyne also has received an irrevocable undertaking from Rights & Issues Investment Trust to accept the offer in respect to its 12.5 million Intelek Shares, representing approximately 14.31 percent of the existing issued share capital of Intelek.
    “The combination of Intelek with Teledyne should place Intelek in a much stronger position to realize its growth potential,” Teledyne Chairman, President and CEO Robert Mehrabian said in a statement.
    The companies did not release details on how the two businesses will merge operations.

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