Teledyne To Buy Bolt Tech. For $22 A Share

(RTTNews) - Teledyne Technologies Inc (TDY), a maker of aerospace and defense products, Wednesday agreed to acquire Bolt Technology Corp for $22.00 per share in cash. The aggregate value for the transaction is about $171 million, taking into account Bolt's stock options and net cash as of March 2014.

The deal was unanimously approved by the boards of Teledyne and Bolt.

Since 1965, Bolt has been a supplier of marine seismic energy sources and replacement parts for offshore energy exploration. Bolt also develops igh-reliability underwater cables and connectors, as well as related electronic controllers, monitoring systems and other auxiliary equipment.

"Bolt will broaden our rich portfolio of marine instrumentation with a number of highly complementary products," said Robert Mehrabian, Chief Executive Officer of Teledyne.

Teledyne, based in Thousand Oaks, California, provides sophisticated instrumentation, digital imaging products and software, aerospace and defense electronics, and engineered systems.