Teledyne Instruments has acquired the remaining 11 percent of Ocean Design, Inc. (ODI) for approximately $19.6 million, net of stock option proceeds.
In August 2006, Teledyne Instruments initially purchased a majority stake in ODI for $30 million. Pursuant to agreements made in connection with the acquisition of the majority stake in ODI, the ODI minority stockholders had the contractual option to sell their shares to Teledyne Instruments following the end of each quarter through the quarter ended March 31, 2009, at a formula-determined price. Any shares not sold to Teledyne Instruments following the quarter ended March 31, 2009, were required to be purchased by Teledyne Instruments following the quarter ended June 30, 2009, at a same formula-determined price.
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