Tektronix 1.625% convertibles can be swapped for cash following Danaher buyout

By Angela McDaniels

Seattle, Oct. 15 - Tektronix, Inc. said its $345 million 1.625% senior convertible notes due 2012 will become convertible into cash following the acquisition of the company by Danaher Corp., which will constitute a "fundamental change" under the note indenture.

The cash amount holders will receive for each converted note is to be determined.

The companies announced on Monday that Danaher will acquire Tektronix for $38.00 per share in a deal valued at $2.8 billion. The tranasction is expected to close by the end of the year.

The per-share price is a 34% premium to Tektronix's closing price of $28.34 (NYSE: TEK) on Friday, according to a company news release. The notes' conversion price is $34.57.

Tektronix is a Beaverton, Ore.-based supplier of test, measurement and monitoring products. Danaher manufacturers professional, medical, industrial and consumer instruments and equipment and is based in Washington, D.C.

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