Teledyne Technologies to buy LeCroy for $240.5 million

(Reuters) - Defense equipment manufacturer Teledyne Technologies Inc said it would buy LeCroy Corp for $240.5 million in cash to add more products to its portfolio.

LeCroy shareholders will get $14.30 per share, a premium of over 56 percent on the stock's Friday's close.

For fiscal 2011, LeCroy reported sales of about $178.1 million.

Shares of Teledyne Technologies closed at $59.84 on Friday on the New York Stock Exchange.

(Reporting by Megha Mandavia in Bangalore; Editing by Saumyadeb Chakrabarty)

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