Stock Alert: FLIR Systems Jumps 19% On Acquisition News
Shares of thermal imaging systems maker FLIR Systems, Inc. (FLIR) are rising more than 19% Monday morning on the news of it being bought by industrial conglomerate Teledyne Technologies Incorporated for about $8 billion.
As per the deal, FLIR stockholders will receive $28.00 in cash and 0.0718 shares of Teledyne common stock, for each FLIR share.
That implies a total purchase price of $56.00 per FLIR share based on Teledyne’s 5-day volume weighted average price as of December 31, 2020. The transaction reflects a 40% premium for FLIR stockholders based on FLIR’s 30-day volume weighted average price as of December 31, 2020.
FLIR, currently at $52.35, has traded in the range of $23.85- $59.44 in the last one year.
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