Essex tech firm E2V agrees to £620m takeover by Teledyne
Essex tech firm E2V, which makes semiconductors used in planes and power products for cancer radiotherapy treatment, on Monday became the latest British company to succumb to a foreign bidder, with a £620 million takeover.
London-listed E2V, which also powers broadband in space and provides the technology behind astronomy imaging, is being snapped up by California-based industrial conglomerate Teledyne Technologies for 275p per share — 48% more than Friday’s closing price.
E2V backed the deal, welcoming the increased scale it would bring.
The deal sent stock soaring, with shares earlier up 86p to 272.3p.
Teledyne’s chief executive Robert Mehrabian said: “We have followed e2v for more than a decade. Over time, our businesses have become increasingly aligned. In fact, every business within e2v is highly complementary to Teledyne.”
UK firms are looking increasingly ripe for takeover amid the Brexit-caused slump in the pound.
Apple supplier ARM was snapped up by Japan’s SoftBank for £24 billion in August, crisp-maker Tyrrells was bought by America’s Amplify Snack Brands for £300 million in the same month, and 21st Century Fox is eyeing a deal for the remaining shares in Sky it does not already own.
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