16 June 2010 – recommended cash offer

When results were released last week we noted that the shares looked cheap.  Teledyne Technologies Inc clearly shared this view and have reached an agreement to buy the company at 32p per share.  This represents over twice yesterday’s closing price and in the current climate provides an attractive exit should the takeover be completed.

At the time of this morning’s announcement irrevocable undertakings to accept the offer had been received from less than 20% of shareholders so the deal is not certain to be finalised.