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  • BY: Andrew Hore |
  • POSTED: 16/06/2010 |

US-based Teledyne Technologies has made an agreed bid of 32p a share for satellite communications firm Intelek.

The bid, which is at twice the previous closing price, values Intelek at 28m. The share price has not been this high for five years.

NYSE-listed Teledyne wants to buy Intelek in order to add to its own product offering. Teledyne is interested in the satellite and microwave communications businesses and believes it will be able to increase sales in the military sector in the US.

Aerostructures firm CML is not mentioned in the reasons for the bid. This suggests that CML is not core business for the new owner although it does have an aerospace engines business. It talks of considering strategic alternatives for CML and that includes its disposal.

The first closing date of the bid is 7 July.

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