BOSTON (Thomson Financial) - Teledyne Technologies Inc. said Friday its subsidiary, Teledyne Instruments Inc., has increased its ownership in Ocean Design Inc. by acquiring additional shares for $35 million.
The new stake represents roughly 21% of Ocean Design's outstanding shares and in connection with Teledyne's initial purchase, the company has now paid a total of $73 million for about 84% of the outstanding shares of Ocean Design.
Shares of Teledyne, a Thousand Oaks, Calif.-based provider of electronic components, closed Thursday at $54.86. Greg Saulnier gs/vj COPYRIGHT Copyright Thomson Financial News Limited 2007. All rights reserved. The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News.
The new stake represents roughly 21% of Ocean Design's outstanding shares and in connection with Teledyne's initial purchase, the company has now paid a total of $73 million for about 84% of the outstanding shares of Ocean Design.
Shares of Teledyne, a Thousand Oaks, Calif.-based provider of electronic components, closed Thursday at $54.86. Greg Saulnier gs/vj COPYRIGHT Copyright Thomson Financial News Limited 2007. All rights reserved. The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News.
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