Teledyne Schedules Meeting Date for the FLIR Acquisition, Clears Poland and South Korea Antitrust Reviews
Teledyne Technologies Incorporated (NYSE:TDY) announced today that the U.S. Securities and Exchange Commission has declared effective the Form S-4 Registration Statement concerning the pending acquisition of FLIR Systems, Inc. (NASDAQ:FLIR). Both Teledyne and FLIR have scheduled special meetings for each company’s respective stockholders to approve matters related to the acquisition on May 13, 2021. Teledyne also announced today that it received antitrust clearance for the pending acquisition from regulatory authorities in Poland and South Korea.
On Wednesday, April 7, 2021, Teledyne received a consent letter regarding the proposed acquisition from the President of the Office of Competition and Consumer Protection of Poland. Today, Teledyne received an unconditional clearance letter from the Korea Fair Trade Commission.
Previously, Teledyne received a clearance letter from the Federal Cartel Office of Germany on April 1, 2021. On March 31, 2021, Teledyne received a No-Action Letter regarding the proposed acquisition from the Competition Bureau of the Government of Canada. Teledyne obtained antitrust clearance in the U.S. on March 1, 2021, when termination of the waiting period under the Hart-Scott-Rodino (“HSR”) Antitrust Improvements Act of 1976 occurred. Subject to the receipt of additional required regulatory approvals in Turkey and China, the transaction is expected to close in the second quarter of 2021.
In addition, all permanent financing for the pending acquisition was completed on March 22, 2021. Financing consisted of $3.00 billion of investment-grade bonds due 2023 through 2031, as well as a $1.00 billion Term Loan Credit Agreement and an Amended and Restated Credit Agreement with capacity of $1.15 billion both maturing in 2026.
Teledyne Technologies is a leading provider of sophisticated instrumentation, digital imaging products and software, aerospace and defense electronics, and engineered systems. Teledyne’s operations are primarily located in the United States, Canada, the United Kingdom, and Western and Northern Europe.
Additional Information and Where to Find It
In connection with the proposed transaction between Teledyne Technologies Incorporated (“Teledyne”) and FLIR Systems, Inc. (“FLIR”), Teledyne has filed with the Securities and Exchange Commission (the “SEC”) a Registration Statement on Form S-4 , as amended by Amendment No. 1, that includes a joint proxy statement of Teledyne and FLIR and a prospectus of Teledyne, as well as other relevant documents concerning the proposed transaction. The Registration Statement on Form S-4 became effective on April 12, 2021. The proposed transaction involving Teledyne and FLIR will be submitted to Teledyne’s stockholders and FLIR’s stockholders for their consideration. Stockholders of Teledyne and stockholders of FLIR are urged to read the registration statement and the joint proxy statement/prospectus regarding the transaction and any other relevant documents filed with the SEC, as well as any amendments or supplements to those documents, because they contain important information.